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Wynn Resorts, Limited (Nasdaq: WYNN), a prestigious member of the S&P 500 Index, is a global leader in the luxury hospitality and gaming industry. Founded in 2002 by Steve Wynn, the company is renowned for operating some of the world's most luxurious casinos and resorts. Wynn Resorts owns and operates four megaresorts: Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai. Each property is a testament to the company's commitment to excellence, offering unparalleled experiences in gaming, dining, shopping, and entertainment.
Wynn Las Vegas and Encore in Las Vegas feature two luxurious hotel towers with a combined total of 4,748 rooms, suites, and villas. The resort boasts approximately 194,000 square feet of casino space, 20 signature dining experiences, 14 bars, two award-winning spas, extensive retail space, and state-of-the-art meeting and convention facilities. Additional amenities include showrooms, nightclubs, a beach club, and the Wynn Golf Club with an 18-hole championship course.
Encore Boston Harbor, situated along the Mystic River in Everett, Massachusetts, is a premier resort destination that includes a 210,000 square foot casino, 671 hotel rooms, specialty retail, a luxury spa, and numerous dining and lounge venues. The resort also features a six-acre public park and Harborwalk, making it a unique addition to the region's landscape.
In Macau, Wynn Resorts operates Wynn Macau and Wynn Palace. Wynn Macau comprises two luxury hotel towers with 1,010 rooms and suites, a casino, multiple dining options, meeting spaces, retail outlets, and recreational facilities. Wynn Palace, known for its floral theme, offers 1,706 rooms, suites, and villas, along with extensive gaming space, dining outlets, designer retail, and unique attractions such as the SkyCabs and Performance Lake.
Wynn Resorts is not only a leader in luxury hospitality but also a pioneer in integrated resort development. The company is currently constructing Wynn Al Marjan Island in Ras Al Khaimah, UAE, its first beachfront resort and the first integrated gaming resort in the MENA region. This ambitious project, anticipated to open in early 2027, is being developed in partnership with Marjan and RAK Hospitality Holding. The resort will feature 1,542 rooms and suites, extensive recreational facilities, world-class dining and entertainment options, and a luxurious design that blends the natural beauty of the region with Wynn's signature elegance.
Wynn Resorts also offers a digital sports betting and iGaming platform through Wynn Interactive, expanding its footprint in the growing online gaming market. The company's diversified portfolio and strategic investments highlight its commitment to innovation and growth.
With a strong financial performance, robust development pipeline, and a reputation for excellence, Wynn Resorts continues to set the standard in luxury hospitality and gaming worldwide. The company received significant EBITDA contributions from its operations in Macau and the US, exemplifying its global reach and influence in the industry.
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.
Wynn Las Vegas (Nasdaq: WYNN) announces the return of its 'Ultimate Race Week' from November 20-24, 2024, coinciding with the Las Vegas Grand Prix. The event features an array of exclusive experiences, including:
- amfAR gala honoring Sylvester and Jennifer Stallone, with a performance by Diana Ross
- Fan experience on Las Vegas Boulevard with team appearances and entertainment
- Invite-only golf tournament at Wynn Golf Club
- Pop-up events and takeovers, including LOUIS XIII Cognac and Lewis Hamilton's Almave
- Nightlife performances by Marshmello, The Chainsmokers, Swedish House Mafia, and more
- -time retail experiences and car enthusiast activations
The resort offers various room and ticket packages for the event. COO Brian Gullbrants expressed pride in the 2023 event's success and aims to raise the bar for 2024.
Wynn Resorts, (NASDAQ: WYNN) has announced an Analyst & Investor Update Meeting to discuss Wynn Al Marjan Island, their integrated resort under construction in the UAE. The event will take place on October 8, 2024, at Wynn Las Vegas from 11:30 a.m. to 2:30 p.m. Pacific Time.
CEO Craig Billings and other global leadership team members will deliver presentations, including details on the resort's expected financial performance. The meeting is by invitation only for institutional investors and analysts and will not be publicly webcast. However, the investor slide presentation will be available on Wynn Resorts' investor relations website under the 'Company Information' section at approximately 11:30 a.m. Pacific Time on October 8th.
Wynn Resorts (NASDAQ: WYNN) has announced the pricing of $800 million in 6.250% Senior Notes due 2033, offered by its subsidiaries Wynn Resorts Finance and Wynn Resorts Capital. The proceeds will be used to:
- Redeem Wynn Las Vegas' 5.500% Senior Notes due 2025
- Pay related fees and expenses
- Cover a $130 million forfeiture under a non-prosecution agreement
- Fund general corporate purposes
The offering is made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. The Notes are not registered under the Securities Act and cannot be offered or sold in the U.S. without an exemption.
Wynn Resorts (NASDAQ: WYNN) has announced a private offering of $800 million in Senior Notes due 2033 through its subsidiaries Wynn Resorts Finance and Wynn Resorts Capital. The notes will be guaranteed by Wynn Resorts Finance's domestic subsidiaries and will rank equally with existing senior unsecured obligations. Proceeds will be used to redeem Wynn Las Vegas' 5.500% Senior Notes due 2025 and for general corporate purposes, including potentially covering a $130 million forfeiture under a non-prosecution agreement. The offering is made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.
Related Companies/Oxford Properties Group and Wynn Resorts have unveiled new details for the next phase of Hudson Yards, proposing a $12 billion total project investment to build Hudson Yards West. The development includes:
- Wynn New York City, a world-class resort creating 5,000 permanent union careers
- 35,000 union construction jobs
- Hudson Green, a 5.6-acre public park
- 1,500 new housing units, including 324 affordable apartments
- A new public K-8 school
The project aims to revitalize Manhattan's West Side, adhering to the 2009 zoning while evolving to meet current needs. The Wynn Neighborhood Improvement Fund will support local community initiatives. If approved, the development promises significant economic opportunities and quality-of-life improvements for New York City.
Wynn Resorts (NASDAQ: WYNN) reported strong Q2 2024 financial results, with operating revenues of $1.73 billion, up $137.1 million from Q2 2023. Net income rose to $111.9 million, with diluted EPS of $0.91. Adjusted Property EBITDAR reached a Q2 record of $571.7 million, up $47.2 million year-over-year. The company saw revenue increases at Wynn Palace, Wynn Macau, and Las Vegas Operations, while Encore Boston Harbor experienced a slight decline. Wynn Resorts also declared a cash dividend of $0.25 per share. The company continues to invest in growth, with construction progressing on Wynn Al Marjan Island in the UAE, expected to open in 2027. Wynn Resorts' cash position remains strong at $2.38 billion, with $11.03 billion in total debt outstanding as of June 30, 2024.
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