Wynn Resorts - WYNN STOCK NEWS

Wynn Resorts (NASDAQ: WYNN) reported Q4 2024 financial results with operating revenues of $1.84 billion, flat compared to Q4 2023. Net income was $277.0 million, down from $729.2 million in Q4 2023, which included a one-time tax benefit of $474.2 million. Adjusted Property EBITDAR was $619.1 million, slightly down from $630.4 million in Q4 2023.

The company showed mixed performance across properties: Wynn Palace revenues increased by $38.6 million, Las Vegas Operations grew by $2.7 million, while Wynn Macau and Encore Boston Harbor saw decreases of $22.5 million and $4.5 million respectively. The company declared a cash dividend of $0.25 per share and repurchased $200.3 million worth of shares during Q4.

Construction of Wynn Al Marjan Island in the UAE continued to advance, with the thirty-fifth floor completed. The company contributed $99.0 million to this project during Q4, bringing total contributions to $631.7 million.

Wynn Resorts has secured a $2.4 billion construction facility for Wynn Al Marjan Island, the first integrated resort in the UAE. The seven-year loan, provided by a global syndicate of banks, represents the largest hospitality financing in UAE history. The facility is structured as a delayed draw facility in AED and USD currencies.

Construction progress is significant with 64% of structural concrete completed up to the 34th floor. The project will feature 1,542 rooms and suites, with 1,226 guest rooms (80%) already structurally complete. The exterior façade is 20% complete with 2,840 of 13,734 panels installed. The resort will include 22 restaurants and bars, a nightclub, beach club, luxury shopping, spa, 39,000 sq ft poolscape, and a 145,000 sq ft events center.

Located 50 minutes from Dubai International Airport in Ras Al Khaimah, the resort is being developed in partnership with Marjan and RAK Hospitality Holding, targeting a 2027 opening.

Wynn Resorts has maintained its position as the highest-ranked gaming resort company on FORTUNE Magazine's World's Most Admired Companies list for 2025. The company received top marks in the Hotel, Casinos, Resorts category and performed notably well in the Quality of Products/Services category.

This marks the seventeenth consecutive year of recognition for Wynn Resorts. CEO Craig S. Billings attributes this achievement to the dedicated team members who consistently deliver extraordinary guest experiences. The company's reputation is built on exceptional service, featuring personally curated experiences and signature events like Revelry and Concours.

The prestigious list is compiled through a partnership with Korn Ferry, involving surveys of industry executives, directors, and analysts. Companies are evaluated on nine criteria, including investment value, management quality, social responsibility, and talent attraction. Only top-performing companies within their respective industries are included in the final rankings.

Wynn Resorts (NASDAQ: WYNN) has scheduled its fourth quarter 2024 financial results announcement for Thursday, February 13, 2025, after market close. The company will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results.

Investors can access the live broadcast at wynnresorts.com under the 'Company Information' section. Alternatively, participants can dial (888) 455-5965 (US) or (773) 799-3869 (International) using access code 1056446. A replay will be available until March 13, 2025, accessible by calling (800) 839-1335 (US) or (203) 369-3357 (International) with replay code 3574189.

Wynn Resorts has announced plans to acquire Crown London (Aspinalls), an exclusive members-only casino located in London's Mayfair district. The transaction, pending regulatory approvals, is expected to close in the second half of 2025.

The historic property, situated at 27-28 Curzon Street, features 20 gaming tables across various sophisticated salons, along with a restaurant and lounge. The venue will continue operating under the Crown London name until the deal closes.

According to CEO Craig Billings, this strategic acquisition of an iconic asset will establish Wynn's presence in a global gateway city and create opportunities for guests to visit other Wynn properties, particularly the upcoming Wynn Al Marjan Island resort in UAE's Ras Al Khaimah, scheduled to open in Q1 2027.

Wynn Resorts (NASDAQ: WYNN) announced key additions to its investor relations team. Price Karr, currently Senior Vice President of Corporate Finance and Treasurer, will expand his role to lead the investor relations team as Senior Vice President of Investor Relations. Additionally, Lauren Seiler joins as Vice President of Investor Relations, reporting to Karr.

Both executives bring significant experience in the gaming and hospitality sectors. Karr, who started at Wynn in 2008, has extensive Wall Street experience advising on transactions in the U.S. and Asia. Seiler brings expertise in business development, strategic planning, and M&A, with a focus on gaming industry expansion. The enhanced team will oversee Wynn's investor relations strategy to support long-term shareholder value creation.

Wynn Resorts provided a construction update on Wynn Al Marjan Island, its first integrated resort in the UAE. Located 50 minutes from Dubai International Airport, the project is 55% complete in structural concrete, with the main tower reaching the 26th floor. The resort will feature 1,542 rooms, with 1,121 rooms already structurally complete. Current progress includes fit-out work in 820 rooms and the start of elevator installation. The property will house 22 dining venues, a nightclub, beach club, extensive poolscape, 15,000-square-meter shopping area, spa, and a 7,500-square-meter events center. With 9,100 workers onsite, the project remains on track for a Q1 2027 opening.

Wynn Resorts reported Q3 2024 operating revenues of $1.69 billion, up $21.4 million from Q3 2023. The company posted a net loss of $32.1 million ($0.29 per share), improved from a $116.7 million loss in Q3 2023. Adjusted Property EBITDAR was $527.7 million, slightly down from $530.4 million year-over-year. The Board declared a $0.25 cash dividend and increased share repurchase authorization to $1 billion. Wynn Macau and Encore Boston Harbor showed revenue growth, while Las Vegas Operations and Wynn Palace experienced slight declines. The company continues construction on Wynn Al Marjan Island in UAE, expected to open in 2027.

Wynn Resorts (NASDAQ: WYNN) has scheduled its third quarter 2024 financial results release for Monday, November 4, 2024, after market close. The company will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results. Investors can access the call via the company's website or by dialing (888) 455-5965 (domestic) or (773) 799-3869 (international) using access code 1056446. A replay will be available through December 3, 2024, accessible by phone or through the company's website.