Wynn Resorts (WYNN) Q3 2024 earnings summary

Executive summary

• Operating revenues for Q3 2024 increased 1.3% year-over-year to $1.69 billion, driven by higher gaming volumes at Wynn Macau and solid non-gaming in Las Vegas, despite declines at Las Vegas Operations and Wynn Interactive closure.

• Net loss attributable to Wynn Resorts narrowed to $32.1 million from $116.7 million in Q3 2023, reflecting lower operating expenses and the impact of one-time charges; diluted net loss per share improved to $0.29 from $1.03.

• Share repurchase authorization increased to $1 billion, with $117.7 million in shares repurchased in Q3; board declared a $0.25 per share dividend.

• Construction on Wynn Al Marjan Island in the UAE is progressing rapidly, with opening expected in 2027 and the company bullish on the region's long-term potential.

• For the nine months ended September 30, 2024, net income attributable to Wynn Resorts was $224.1 million, up from $0.8 million in the prior year period.

Financial highlights

• Adjusted Property EBITDAR for Q3 2024 was $527.7 million, flat year-over-year; EBITDAR margin approximately 31.2%.

• Casino revenue for Q3 2024 was $1.02 billion, up from $972.5 million in Q3 2023, representing 60.2% of total operating revenues.

• Las Vegas: $202.7 million Adjusted Property EBITDA on $607.2 million revenue; EBITDA margin 33.4%.

• Boston: $63 million Adjusted Property EBITDA on $214.1 million revenue; EBITDA margin 29.4%.

• Macau: $262.9 million Adjusted Property EBITDA on $871.7 million revenue; EBITDA margin 30.2%.

Outlook and guidance

• Las Vegas and Boston expect stable demand from high-end and group customers into 2025, with group bookings pacing for another strong year.

• Macau outlook remains bullish, with continued investment in product and service leadership to drive share gains.

• CapEx guidance for Macau concession commitments tightened to $350-$425 million through 2025.

• UAE project expected to be a $3-$5 billion gaming market; financing for the project anticipated to close later this year.

• Management expects Wynn Al Marjan Island to be a major tourism destination and support long-term free cash flow growth.