Wynn Resorts, Limited Reports Fourth Quarter and Year End 2024 Results

Rhea-AI Summary

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.

Positive

• Record full-year Adjusted Property EBITDAR in 2024
• Strong performance in Las Vegas with new annual record
• $200.3 million in share repurchases during Q4
• Quarterly dividend of $0.25 per share declared
• Healthy market share in Macau led by premium mass and VIP segments

Negative

• Q4 Adjusted Property EBITDAR decreased by $11.3 million YoY
• Revenue declines at Wynn Macau (-$22.5M) and Encore Boston Harbor (-$4.5M)
• Net income decreased significantly YoY from $729.2M to $277.0M

Insights

Financial Analyst

The Q4 2024 results reveal a company successfully maintaining its market position despite challenging comparables. While headline numbers show flat revenue, the underlying performance metrics demonstrate resilience and strategic execution across key markets.

The Las Vegas operation continues to excel, achieving another annual EBITDAR record with $267.4 million in Q4, despite tough year-over-year comparisons. The 30.9% table games win percentage significantly exceeded the expected range of 22-26%, indicating strong operational efficiency and premium player retention.

In Macau, Wynn's performance reflects the market's evolving dynamics. Wynn Palace's $38.6 million revenue increase and improved EBITDAR showcase successful premium mass market penetration, with mass market win percentage rising to 26.0% from 23.6%. However, Wynn Macau's results indicate increased competitive pressures in the peninsula area.

The company's financial management deserves attention. With $2.43 billion in cash and strategic debt positioning, Wynn maintains substantial liquidity while funding growth initiatives like the UAE project. The aggressive share repurchase program and dividend reinstatement reflect management's confidence in sustainable cash flow generation.

The Wynn Al Marjan Island development, now reaching its thirty-fifth floor, represents a significant growth vector. The $631.7 million invested to date demonstrates Wynn's commitment to expanding its ultra-luxury brand into new markets, potentially creating substantial shareholder value when it opens in 2027.

Of particular note is the company's operational efficiency in Las Vegas, where despite increased competition and economic uncertainties, Wynn maintains premium pricing power and strong margins. This suggests the brand's resilience and ability to command premium rates in competitive markets.

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2024.

Operating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted Property EBITDAR⁽¹⁾ was $619.1 million for the fourth quarter of 2024, compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023.

"Our fourth quarter and full year results reflect continued strength throughout our business, setting another full-year record for Adjusted Property EBITDAR for the Company in 2024, with another annual record in Las Vegas," said Craig Billings, CEO of Wynn Resorts, Limited. "We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP. In addition, construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the thirty-fifth floor of the hotel tower was recently completed. We are confident the resort will be a 'must see' tourism destination in the UAE and will support strong long-term free cash flow growth. At the same time, during the fourth quarter, we continued to focus on the return of capital to shareholders through both a cash dividend and the repurchase of $200 million of our stock."

Consolidated Results

Operating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. For the fourth quarter of 2024, operating revenues increased $38.6 million and $2.7 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $22.5 million and $4.5 million at Wynn Macau and Encore Boston Harbor, respectively, from the fourth quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023.

Adjusted Property EBITDAR was $619.1 million for the fourth quarter of 2024, a decrease of $11.3 million compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023. For the fourth quarter of 2024, Adjusted Property EBITDAR increased $13.5 million at Wynn Palace, and decreased $17.7 million, $5.5 million, and $3.3 million at Wynn Macau, Encore Boston Harbor, and our Las Vegas Operations, respectively, from the fourth quarter of 2023.

Operating revenues were $7.13 billion for the year ended December 31, 2024, an increase of $596.1 million compared to operating revenues of $6.53 billion for the year ended December 31, 2023. For the year ended December 31, 2024, operating revenues increased $330.8 million, $251.1 million, and $91.3 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $8.6 million at Encore Boston Harbor, from the year ended December 31, 2023.

Net income attributable to Wynn Resorts, Limited was $501.1 million for the year ended December 31, 2024, compared to net income attributable to Wynn Resorts, Limited of $730.0 million for the year ended December 31, 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $4.35 for the year ended December 31, 2024, compared to diluted net income per share of $6.32 for the year ended December 31, 2023. Adjusted net income attributable to Wynn Resorts, Limited was $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023.

Adjusted Property EBITDAR was $2.36 billion for the year ended December 31, 2024, an increase of $250.0 million compared to Adjusted Property EBITDAR of $2.11 billion for the year ended December 31, 2023. For the year ended December 31, 2024, Adjusted Property EBITDAR increased $117.9 million, $103.8 million, and $0.5 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $10.3 million at Encore Boston Harbor, from the year ended December 31, 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 5, 2025 to stockholders of record as of February 24, 2025.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $562.9 million for the fourth quarter of 2024, an increase of $38.6 million from $524.4 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $184.6 million for the fourth quarter of 2024, compared to $171.1 million for the fourth quarter of 2023. Table games win percentage in mass market operations was 26.0%, above the 23.6% experienced in the fourth quarter of 2023. VIP table games win as a percentage of turnover was 3.51%, above the property's expected range of 3.1% to 3.4% and above the 2.97% experienced in the fourth quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $363.7 million for the fourth quarter of 2024, a decrease of $22.5 million from $386.2 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $108.2 million for the fourth quarter of 2024, compared to $125.8 million for the fourth quarter of 2023. Table games win percentage in mass market operations was 17.9%, below the 19.1% experienced in the fourth quarter of 2023. VIP table games win as a percentage of turnover was 5.01%, above the property's expected range of 3.1% to 3.4% and above the 4.37% experienced in the fourth quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $699.5 million for the fourth quarter of 2024, an increase of $2.7 million from $696.8 million for the fourth quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2024 was $267.4 million, compared to $270.8 million for the fourth quarter of 2023. Table games win percentage for the fourth quarter of 2024 was 30.9%, above the property's expected range of 22% to 26% and above the 25.4% experienced in the fourth quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $212.7 million for the fourth quarter of 2024, a decrease of $4.5 million from $217.1 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2024 was $58.8 million, compared to $64.4 million for the fourth quarter of 2023. Table games win percentage for the fourth quarter of 2024 was 20.7%, within the property's expected range of 18% to 22% and below the 22.0% experienced in the fourth quarter of 2023.

Wynn Al Marjan Island Development

During the fourth quarter of 2024, the Company contributed $99.0 million of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $631.7 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of December 31, 2024 totaled $2.43 billion, comprised of $1.46 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $437.9 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $528.4 million held at Corporate and other. As of December 31, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.8 million, respectively.

Total current and long-term debt outstanding at December 31, 2024 was $10.54 billion, comprised of $5.78 billion of Macau related debt, $3.29 billion of WRF debt, $874.2 million of Wynn Las Vegas debt, and $597.3 million of debt held by the retail joint venture which we consolidate.

Equity Repurchase Program

During the fourth quarter of 2024, the Company repurchased 2,143,666 shares of its common stock under its publicly announced equity repurchase program at an average price of $93.44 per share, for an aggregate cost of $200.3 million, bringing the total repurchases by the Company for the year ended December 31, 2024 to 4,349,779 shares of its common stock for an aggregate cost of $386.0 million. As of December 31, 2024, the Company had $813.0 million in repurchase authority remaining under the equity repurchase program.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 13, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 31, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2024 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, impairment of goodwill and intangible assets, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and nonrecurring income tax benefit from release of valuation allowance, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2024				2023				2024				2023
Operating revenues:
Casino	$	1,112,191			$	1,065,958			$	4,261,357			$	3,718,402
Rooms		325,358				347,299				1,242,058				1,185,671
Food and beverage		258,178				271,558				1,069,117				1,028,637
Entertainment, retail and other		143,070				155,645				555,429				599,187
Total operating revenues		1,838,797				1,840,460				7,127,961				6,531,897
Operating expenses:
Casino		679,534				643,910				2,586,960				2,238,671
Rooms		84,368				82,857				330,359				307,132
Food and beverage		212,075				216,947				859,426				822,323
Entertainment, retail and other		59,542				79,402				249,679				340,437
General and administrative		272,303				279,484				1,080,475				1,065,022
Provision for credit losses		634				2,350				4,986				(3,964	)
Pre-opening		3,305				2,646				9,355				9,468
Depreciation and amortization		151,284				176,527				658,895				687,270
Impairment of goodwill and intangible assets		—				—				—				94,490
Property charges and other		8,857				(1,388	)			215,095				130,877
Total operating expenses		1,471,902				1,482,735				5,995,230				5,691,726
Operating income		366,895				357,725				1,132,731				840,171
Other income (expense):
Interest income		24,557				44,931				130,342				175,785
Interest expense, net of amounts capitalized		(163,488	)			(184,955	)			(688,410	)			(751,509	)
Change in derivatives fair value		50,398				48,353				42,478				45,098
Loss on debt financing transactions		(1,243	)			—				(2,913	)			(12,683	)
Other		3,847				8,315				29,170				(11,479	)
Other income (expense), net		(85,929	)			(83,356	)			(489,333	)			(554,788	)
Income before income taxes		280,966				274,369				643,398				285,383
Benefit (provision) for income taxes		41,394				499,408				(3,682	)			496,834
Net income		322,360				773,777				639,716				782,217
Less: net income attributable to noncontrolling interests		(45,388	)			(44,621	)			(138,638	)			(52,223	)
Net income attributable to Wynn Resorts, Limited	$	276,972			$	729,156			$	501,078			$	729,994
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic	$	2.56			$	6.53			$	4.56			$	6.49
Diluted	$	2.29			$	6.19			$	4.35			$	6.32
Weighted average common shares outstanding:
Basic		108,199				111,661				109,966				112,523
Diluted		108,652				112,033				110,267				112,855

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2024				2023				2024				2023
Net income attributable to Wynn Resorts, Limited	$	276,972			$	729,156			$	501,078			$	729,994
Pre-opening expenses		3,305				2,646				9,355				9,468
Impairment of goodwill and intangible assets		—				—				—				94,490
Property charges and other		8,857				(1,388	)			215,095				130,877
Change in derivatives fair value		(50,398	)			(48,353	)			(42,478	)			(45,098	)
Loss on debt financing transactions		1,243				—				2,913				12,683
Foreign currency remeasurement and other		(3,847	)			(8,315	)			(29,170	)			11,479
Income tax impact on adjustments		12,564				(1,033	)			(7,784	)			(2,088	)
Nonrecurring income tax benefit from release of valuation allowance		—				(474,214	)			—				(474,214	)
Noncontrolling interests impact on adjustments		14,643				15,160				14,538				(5,243	)
Adjusted net income attributable to Wynn Resorts, Limited	$	263,339			$	213,659			$	663,547			$	462,348
Adjusted net income attributable to Wynn Resorts, Limited per diluted share	$	2.42			$	1.91			$	6.02			$	4.10
Weighted average common shares outstanding - diluted		108,652				112,033				110,267				112,855

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Three Months Ended December 31, 2024
	Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)	$	107,661		$	67,874		$	(14,718	)		$	160,817		$	160,689		$	(2,088	)		$	47,477			$	366,895
Pre-opening expenses		17			690			—				707			288			—				2,310				3,305
Depreciation and amortization		53,308			19,963			398				73,669			61,389			12,952				3,274				151,284
Property charges and other		2,189			4,847			16				7,052			1,563			86				156				8,857
Management and license fees		17,931			11,273			—				29,204			33,521			10,353				(73,078	)			—
Corporate expenses and other		2,256			2,227			13,151				17,634			8,211			1,802				10,790				38,437
Stock-based compensation		1,236			1,287			1,153				3,676			1,786			290				9,071				14,823
Triple-net operating lease rent expense		—			—			—				—			—			35,449				—				35,449
Adjusted Property EBITDAR	$	184,598		$	108,161		$	—			$	292,759		$	267,447		$	58,844			$	—			$	619,050

	Three Months Ended December 31, 2023
	Wynn Palace			Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)	$	95,071		$	90,545			$	(15,860	)		$	169,756			$	167,080		$	(15,865	)		$	36,754			$	357,725
Pre-opening expenses		93			—				—				93				—			33				2,520				2,646
Depreciation and amortization		54,502			20,165				381				75,048				60,730			31,220				9,529				176,527
Property charges and other		451			(676	)			4				(221	)			389			710				(2,266	)			(1,388	)
Management and license fees		16,782			12,029				—				28,811				33,387			10,665				(72,863	)			—
Corporate expenses and other		2,733			2,175				14,397				19,305				7,369			1,824				15,590				44,088
Stock-based compensation		1,501			1,579				1,078				4,158				1,830			402				8,986				15,376
Triple-net operating lease rent expense		—			—				—				—				—			35,404				—				35,404
Adjusted Property EBITDAR	$	171,133		$	125,817			$	—			$	296,950			$	270,785		$	64,393			$	(1,750	)		$	630,378

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Year Ended December 31, 2024
	Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)	$	414,919		$	296,392		$	(39,029	)		$	672,282		$	403,836		$	(32,935	)		$	89,548			$	1,132,731
Pre-opening expenses		17			690			—				707			1,908			649				6,091				9,355
Depreciation and amortization		219,729			79,700			1,563				300,992			243,089			88,794				26,020				658,895
Property charges and other		14,760			5,558			140				20,458			134,105			(1,529	)			62,061				215,095
Management and license fees		70,913			45,561			—				116,474			122,054			41,836				(280,364	)			—
Corporate expenses and other		8,713			8,815			32,958				50,486			32,141			7,288				58,321				148,236
Stock-based compensation		4,659			5,136			4,368				14,163			9,629			1,449				33,788				59,029
Triple-net operating lease rent expense		—			—			—				—			—			141,576				—				141,576
Adjusted Property EBITDAR	$	733,710		$	441,852		$	—			$	1,175,562		$	946,762		$	247,128			$	(4,535	)		$	2,364,917

	Year Ended December 31, 2023
	Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)	$	307,698		$	190,126		$	(32,157	)		$	465,667		$	551,128		$	(60,887	)		$	(115,737	)		$	840,171
Pre-opening expenses		93			—			—				93			81			1,286				8,008				9,468
Depreciation and amortization		216,562			81,673			1,522				299,757			232,685			122,452				32,376				687,270
Impairment of goodwill and intangible assets		—			—			—				—			—			—				94,490				94,490
Property charges and other		13,365			9,807			19				23,191			8,863			1,419				97,404				130,877
Management and license fees		60,377			38,019			—				98,396			118,019			42,179				(258,594	)			—
Corporate expenses and other		10,208			9,766			26,431				46,405			28,519			7,517				63,989				146,430
Stock-based compensation		7,543			8,700			4,185				20,428			6,948			1,721				35,418				64,515
Triple-net operating lease rent expense		—			—			—				—			—			141,722				—				141,722
Adjusted Property EBITDAR	$	615,846		$	338,091		$	—			$	953,937		$	946,243		$	257,409			$	(42,646	)		$	2,114,943

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2024				2023				2024				2023
Net income attributable to Wynn Resorts, Limited	$	276,972			$	729,156			$	501,078			$	729,994
Net income attributable to noncontrolling interests		45,388				44,621				138,638				52,223
Pre-opening expenses		3,305				2,646				9,355				9,468
Depreciation and amortization		151,284				176,527				658,895				687,270
Impairment of goodwill and intangible assets		—				—				—				94,490
Property charges and other		8,857				(1,388	)			215,095				130,877
Triple-net operating lease rent expense		35,449				35,404				141,576				141,722
Corporate expenses and other		38,437				44,088				148,236				146,430
Stock-based compensation		14,823				15,376				59,029				64,515
Interest income		(24,557	)			(44,931	)			(130,342	)			(175,785	)
Interest expense, net of amounts capitalized		163,488				184,955				688,410				751,509
Change in derivatives fair value		(50,398	)			(48,353	)			(42,478	)			(45,098	)
Loss on debt financing transactions		1,243				—				2,913				12,683
Other		(3,847	)			(8,315	)			(29,170	)			11,479
(Benefit) provision for income taxes		(41,394	)			(499,408	)			3,682				(496,834	)
Adjusted Property EBITDAR	$	619,050			$	630,378			$	2,364,917			$	2,114,943

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited)
	Three Months Ended December 31,											Year Ended December 31,
	2024				2023				Percent Change			2024				2023				Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	458,816			$	417,273			10.0			$	1,795,604			$	1,471,280			22.0
Rooms		49,649				50,472			(1.6	)			202,936				201,783			0.6
Food and beverage		31,993				29,538			8.3				125,398				104,566			19.9
Entertainment, retail and other		22,473				27,075			(17.0	)			93,733				109,215			(14.2	)
Total	$	562,931			$	524,358			7.4			$	2,217,671			$	1,886,844			17.5
Adjusted Property EBITDAR (6)	$	184,598			$	171,133			7.9			$	733,710			$	615,846			19.1
Casino Statistics:
VIP:
Average number of table games		56				59			(5.1	)			57				56			1.8
VIP turnover	$	3,060,994			$	3,161,083			(3.2	)		$	12,991,235			$	11,363,248			14.3
VIP table games win (1)	$	107,438			$	93,892			14.4			$	449,461			$	383,384			17.2
VIP table games win as a % of turnover		3.51	%			2.97	%						3.46	%			3.37	%
Table games win per unit per day	$	20,935			$	17,381			20.4			$	21,495			$	18,744			14.7
Mass market:
Average number of table games		246				245			0.4				245				242			1.2
Table drop (2)	$	1,678,073			$	1,711,850			(2.0	)		$	6,893,092			$	6,126,841			12.5
Table games win (1)	$	435,465			$	404,468			7.7			$	1,686,503			$	1,373,436			22.8
Table games win %		26.0	%			23.6	%						24.5	%			22.4	%
Table games win per unit per day	$	19,214			$	17,934			7.1			$	18,770			$	15,574			20.5
Average number of slot machines		634				585			8.4				603				580			4.0
Slot machine handle	$	704,360			$	624,688			12.8			$	2,519,983			$	2,385,033			5.7
Slot machine win (3)	$	25,698			$	27,580			(6.8	)		$	109,488			$	102,816			6.5
Slot machine win per unit per day	$	440			$	512			(14.1	)		$	496			$	486			2.1
Poker rake	$	—			$	—			NM			$	736			$	—			NM
Room statistics:
Occupancy		98.4	%			98.3	%						98.6	%			94.9	%
ADR (4)	$	296			$	311			(4.8	)		$	310			$	323			(4.0	)
REVPAR (5)	$	291			$	306			(4.9	)		$	306			$	306			—
NM - Not meaningful.

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
	Three Months Ended December 31,											Year Ended December 31,
	2024				2023				Percent Change			2024				2023				Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	306,500			$	320,642			(4.4	)		$	1,230,351			$	970,269			26.8
Rooms		24,515				29,534			(17.0	)			100,631				109,308			(7.9	)
Food and beverage		20,233				20,762			(2.5	)			80,779				68,017			18.8
Entertainment, retail and other		12,428				15,261			(18.6	)			52,885				65,940			(19.8	)
Total	$	363,676			$	386,199			(5.8	)		$	1,464,646			$	1,213,534			20.7
Adjusted Property EBITDAR (6)	$	108,161			$	125,817			(14.0	)		$	441,852			$	338,091			30.7
Casino Statistics:
VIP:
Average number of table games		31				30			3.3				30				41			(26.8	)
VIP turnover	$	1,092,611			$	1,405,523			(22.3	)		$	5,047,888			$	5,132,628			(1.7	)
VIP table games win (1)	$	54,730			$	61,362			(10.8	)		$	177,435			$	191,936			(7.6	)
VIP table games win as a % of turnover		5.01	%			4.37	%						3.52	%			3.74	%
Table games win per unit per day	$	19,237			$	22,233			(13.5	)		$	16,084			$	12,699			26.7
Mass market:
Average number of table games		220				221			(0.5	)			221				216			2.3
Table drop (2)	$	1,543,261			$	1,558,372			(1.0	)		$	6,344,794			$	5,155,929			23.1
Table games win (1)	$	276,817			$	297,671			(7.0	)		$	1,164,012			$	910,825			27.8
Table games win %		17.9	%			19.1	%						18.3	%			17.7	%
Table games win per unit per day	$	13,668			$	14,655			(6.7	)		$	14,367			$	11,560			24.3
Average number of slot machines		639				557			14.7				615				530			16.0
Slot machine handle	$	785,967			$	652,498			20.5			$	3,133,488			$	2,212,196			41.6
Slot machine win (3)	$	26,426			$	20,775			27.2			$	103,030			$	68,667			50.0
Slot machine win per unit per day	$	449			$	405			10.9			$	458			$	355			29.0
Poker rake	$	3,444			$	4,460			(22.8	)		$	15,275			$	18,266			(16.4	)
Room statistics:
Occupancy		99.4	%			99.4	%						99.3	%			96.5	%
ADR (4)	$	240			$	282			(14.9	)		$	248			$	281			(11.7	)
REVPAR (5)	$	238			$	281			(15.3	)		$	246			$	271			(9.2	)

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
	Three Months Ended December 31,											Year Ended December 31,
	2024				2023				Percent Change			2024				2023				Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	190,065			$	167,579			13.4			$	600,088			$	628,185			(4.5	)
Rooms		228,589				242,993			(5.9	)			845,660				784,385			7.8
Food and beverage		184,734				199,706			(7.5	)			778,538				770,401			1.1
Entertainment, retail and other		96,151				86,526			11.1				347,627				297,635			16.8
Total	$	699,539			$	696,804			0.4			$	2,571,913			$	2,480,606			3.7
Adjusted Property EBITDAR (6)	$	267,447			$	270,785			(1.2	)		$	946,762			$	946,243			0.1
Casino Statistics:
Average number of table games		226				232			(2.6	)			232				233			(0.4	)
Table drop (2)	$	655,038			$	657,564			(0.4	)		$	2,376,473			$	2,425,621			(2.0	)
Table games win (1)	$	202,326			$	167,106			21.1			$	611,663			$	599,001			2.1
Table games win %		30.9	%			25.4	%						25.7	%			24.7	%
Table games win per unit per day	$	9,729			$	7,816			24.5			$	7,200			$	7,038			2.3
Average number of slot machines		1,599				1,631			(2.0	)			1,609				1,645			(2.2	)
Slot machine handle	$	1,912,711			$	1,689,839			13.2			$	6,752,952			$	6,423,374			5.1
Slot machine win (3)	$	123,609			$	125,950			(1.9	)		$	446,152			$	451,833			(1.3	)
Slot machine win per unit per day	$	840			$	840			—			$	758			$	752			0.8
Poker rake	$	7,948			$	9,477			(16.1	)		$	24,599			$	25,720			(4.4	)
Room statistics:
Occupancy		88.1	%			88.9	%						89.0	%			89.6	%
ADR (4)	$	598			$	631			(5.2	)		$	555			$	513			8.2
REVPAR (5)	$	527			$	561			(6.1	)		$	494			$	459			7.6

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR, and REVPAR) (unaudited) (continued)
	Three Months Ended December 31,											Year Ended December 31,
	2024				2023				Percent Change			2024				2023				Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	156,810			$	160,464			(2.3	)		$	635,314			$	648,668			(2.1	)
Rooms		22,605				24,300			(7.0	)			92,831				90,195			2.9
Food and beverage		21,218				21,552			(1.5	)			84,402				85,653			(1.5	)
Entertainment, retail and other		12,018				10,829			11.0				44,617				41,270			8.1
Total	$	212,651			$	217,145			(2.1	)		$	857,164			$	865,786			(1.0	)
Adjusted Property EBITDAR (6)	$	58,844			$	64,393			(8.6	)		$	247,128			$	257,409			(4.0	)
Casino Statistics:
Average number of table games		172				185			(7.0	)			180				191			(5.8	)
Table drop (2)	$	337,570			$	358,324			(5.8	)		$	1,410,319			$	1,422,416			(0.9	)
Table games win (1)	$	69,873			$	78,720			(11.2	)		$	297,369			$	308,890			(3.7	)
Table games win %		20.7	%			22.0	%						21.1	%			21.7	%
Table games win per unit per day	$	4,412			$	4,621			(4.5	)		$	4,519			$	4,429			2.0
Average number of slot machines		2,694				2,560			5.2				2,633				2,550			3.3
Slot machine handle	$	1,402,942			$	1,323,309			6.0			$	5,604,462			$	5,256,696			6.6
Slot machine win (3)	$	108,379			$	105,061			3.2			$	424,152			$	421,190			0.7
Slot machine win per unit per day	$	437			$	446			(2.0	)		$	440			$	452			(2.7	)
Poker rake	$	5,328			$	5,389			(1.1	)		$	21,750			$	21,505			1.1
Room statistics:
Occupancy		91.1	%			93.3	%						93.6	%			93.0	%
ADR (4)	$	416			$	424			(1.9	)		$	412			$	398			3.5
REVPAR (5)	$	379			$	395			(4.1	)		$	385			$	370			4.1

(1)		Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)		In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)		Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)		ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)		REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)		Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250212433659/en/

Lauren Seiler

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What were WYNN's Q4 2024 revenue and earnings?

Wynn Resorts reported Q4 2024 operating revenues of $1.84 billion and net income of $277.0 million, with diluted earnings per share of $2.29.

How much did WYNN spend on share repurchases in Q4 2024?

Wynn Resorts repurchased 2,143,666 shares at an average price of $93.44 per share, totaling $200.3 million in Q4 2024.

What is the status of WYNN's Al Marjan Island project in UAE?

Construction is progressing with the thirty-fifth floor recently completed. The company contributed $99.0 million in Q4 2024, bringing total contributions to $631.7 million. The project is expected to open in 2027.

What dividend did WYNN declare for Q4 2024?

Wynn Resorts declared a cash dividend of $0.25 per share, payable on March 5, 2025 to stockholders of record as of February 24, 2025.

How did WYNN's Macau operations perform in Q4 2024?

Wynn Palace revenues increased by $38.6 million to $562.9 million, while Wynn Macau revenues decreased by $22.5 million to $363.7 million compared to Q4 2023.