Wynn Resorts, Limited Reports Second Quarter 2024 Results

Rhea-AI Summary

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.

Positive

• Q2 2024 operating revenues increased by $137.1 million to $1.73 billion
• Net income rose to $111.9 million, with diluted EPS of $0.91
• Adjusted Property EBITDAR reached a Q2 record of $571.7 million
• Revenue increases at Wynn Palace, Wynn Macau, and Las Vegas Operations
• Cash dividend of $0.25 per share declared
• Strong cash position of $2.38 billion

Negative

• Encore Boston Harbor experienced a $9.3 million decrease in operating revenues
• Total debt outstanding of $11.03 billion as of June 30, 2024

Insights

Financial Analyst

Wynn Resorts' Q2 2024 results show solid growth and operational strength. The company reported $1.73 billion in operating revenues, a 8.6% increase year-over-year. Net income rose to $111.9 million, up from $105.2 million in Q2 2023. Notably, Adjusted Property EBITDAR reached a Q2 record of $571.7 million, up 9% from the previous year.

The Macau operations showed significant improvement, with Wynn Palace and Wynn Macau both reporting increased revenues and EBITDAR. However, Encore Boston Harbor experienced a slight decline. The company's continued investment in growth, particularly the Wynn Al Marjan Island project in the UAE, demonstrates confidence in future expansion opportunities.

The $0.25 per share dividend declaration and ongoing share repurchase program indicate a commitment to shareholder returns. With $2.38 billion in cash and cash equivalents, Wynn maintains a strong liquidity position to support ongoing operations and development projects.

Market Research Analyst

Wynn Resorts' Q2 performance reflects the ongoing recovery in the global gaming industry, particularly in Macau. The company's diverse portfolio across Las Vegas, Macau and Boston has helped mitigate regional fluctuations. The 17% and 12% revenue increases in Wynn Palace and Wynn Macau, respectively, underscore the resurgence of Macau's gaming market post-pandemic restrictions.

The Las Vegas Operations' 8.8% revenue growth indicates robust domestic demand. However, the slight decline in Encore Boston Harbor's performance warrants monitoring of regional competitive pressures. The Wynn Al Marjan Island project represents a significant expansion into the Middle East market, potentially diversifying revenue streams and reducing dependence on existing markets.

Investors should note the company's ability to maintain profitability and increase EBITDAR despite ongoing investments in future growth. The balance between current operations and future expansion will be important for long-term value creation.

Legal Expert

From a legal perspective, Wynn Resorts' expansion into the UAE with the Al Marjan Island project presents both opportunities and potential challenges. The acquisition of land for the development, including additional acreage for future projects, demonstrates a significant commitment to the region. However, operating in a new jurisdiction will require careful navigation of local regulations and compliance with both UAE and U.S. laws.

The company's continued operation in Macau also requires ongoing regulatory compliance, particularly given the region's evolving gaming policies. The reported table games win percentages across properties are within or close to expected ranges, which is important for regulatory compliance and maintaining gaming licenses.

Wynn's share repurchase program and dividend declaration appear to be conducted within legal frameworks, but ongoing monitoring of financial regulations is essential. The company's transparency in reporting financial results and holding investor calls aligns with SEC requirements for public companies.

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the second quarter ended June 30, 2024.

Operating revenues were $1.73 billion for the second quarter of 2024, an increase of $137.1 million from $1.60 billion for the second quarter of 2023. Net income attributable to Wynn Resorts, Limited was $111.9 million for the second quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $105.2 million for the second quarter of 2023. Diluted net income per share was $0.91 for the second quarter of 2024, compared to diluted net income per share of $0.84 for the second quarter of 2023. Adjusted Property EBITDAR⁽¹⁾ was $571.7 million for the second quarter of 2024, compared to Adjusted Property EBITDAR of $524.5 million for the second quarter of 2023.

"Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston," said Craig Billings, CEO of Wynn Resorts, Limited. "Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace. During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan."

Consolidated Results

Operating revenues were $1.73 billion for the second quarter of 2024, an increase of $137.1 million from $1.60 billion for the second quarter of 2023. For the second quarter of 2024, operating revenues increased $79.7 million, $35.7 million, $50.6 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $9.3 million at Encore Boston Harbor, from the second quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $111.9 million for the second quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $105.2 million for the second quarter of 2023. Diluted net income per share was $0.91 for the second quarter of 2024, compared to diluted net income per share of $0.84 for the second quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $124.5 million, or $1.12 per diluted share, for the second quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $103.3 million, or $0.91 per diluted share, for the second quarter of 2023.

Adjusted Property EBITDAR was $571.7 million for the second quarter of 2024, an increase of $47.2 million compared to Adjusted Property EBITDAR of $524.5 million for the second quarter of 2023. For the second quarter of 2024, Adjusted Property EBITDAR increased $27.9 million, $6.3 million, and $6.2 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $7.0 million at Encore Boston Harbor, from the second quarter of 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on August 30, 2024 to stockholders of record as of August 19, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $548.0 million for the second quarter of 2024, an increase of $79.7 million from $468.4 million for the second quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $184.5 million for the second quarter of 2024, compared to $156.6 million for the second quarter of 2023. Table games win percentage in mass market operations was 23.6%, above the 20.3% experienced in the second quarter of 2023. VIP table games win as a percentage of turnover was 4.10%, above the property's expected range of 3.1% to 3.4% and below the 4.24% experienced in the second quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $337.3 million for the second quarter of 2024, an increase of $35.7 million from $301.6 million for the second quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $95.9 million for the second quarter of 2024, compared to $89.6 million for the second quarter of 2023. Table games win percentage in mass market operations was 17.5%, below the 17.7% experienced in the second quarter of 2023. VIP table games win as a percentage of turnover was 2.19%, below the property's expected range of 3.1% to 3.4% and below the 4.16% experienced in the second quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $628.7 million for the second quarter of 2024, an increase of $50.6 million from $578.1 million for the second quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2024 was $230.3 million, compared to $224.1 million for the second quarter of 2023. Table games win percentage for the second quarter of 2024 was 21.9%, slightly below the property's expected range of 22% to 26% and below the 22.9% experienced in the second quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $212.6 million for the second quarter of 2024, a decrease of $9.3 million from $221.9 million for the second quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2024 was $62.1 million, compared to $69.1 million for the second quarter of 2023. Table games win percentage for the second quarter of 2024 was 19.6%, within the property's expected range of 18% to 22% and below the 22.3% experienced in the second quarter of 2023.

Wynn Al Marjan Island Development

During the second quarter of 2024, the Company contributed $356.5 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 $514.4 million. The cash contributed in the quarter was used primarily to fund our pro rata portion of the purchase of approximately 155 acres of land underlying the integrated resort development site, including over 70 acres of land for potential future development in Ras Al Khaimah. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of June 30, 2024 totaled $2.38 billion, comprised of $1.38 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $281.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $715.6 million held at Corporate and other. In addition, as of June 30, 2024, we had $500.0 million in short-term investments held at WML. As of June 30, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $312.2 million, respectively.

Total current and long-term debt outstanding at June 30, 2024 was $11.03 billion, comprised of $6.44 billion of Macau related debt, $1.46 billion of Wynn Las Vegas debt, $2.52 billion of WRF debt, and $614.4 million of debt held by the retail joint venture which we consolidate.

During the second quarter of 2024, the Company repurchased 741,340 shares of its common stock under its publicly announced equity repurchase program at an average price of $91.72 per share, for an aggregate cost of $68.0 million. As of June 30, 2024, the Company had $365.4 million in repurchase authority remaining under the 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 August 6, 2024 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 August 14, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 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, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (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 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, property charges and other, change in derivatives fair value, loss on debt financing transactions, and foreign currency remeasurement and other, 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 June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Operating revenues:
Casino		$	1,008,946			$	912,999			$	2,130,412			$	1,679,991
Rooms			304,521				276,505				631,935				549,034
Food and beverage			281,404				257,036				548,342				489,647
Entertainment, retail and other			138,061				149,282				285,152				300,829
Total operating revenues			1,732,932				1,595,822				3,595,841				3,019,501
Operating expenses:
Casino			614,518				543,643				1,289,957				1,017,028
Rooms			80,538				73,783				162,615				146,485
Food and beverage			221,343				203,922				427,164				384,541
Entertainment, retail and other			62,941				85,999				133,953				178,481
General and administrative			264,727				257,321				536,343				517,093
Provision for credit losses			2,429				(6,640	)			2,516				(7,184	)
Pre-opening			1,558				1,477				3,593				5,955
Depreciation and amortization			176,405				169,962				351,338				338,774
Property charges and other			38,815				16,019				55,763				18,477
Total operating expenses			1,463,274				1,345,486				2,963,242				2,599,650
Operating income			269,658				250,336				632,599				419,851
Other income (expense):
Interest income			34,884				44,127				75,056				84,320
Interest expense, net of amounts capitalized			(174,596	)			(190,243	)			(357,000	)			(377,983	)
Change in derivatives fair value			15,517				24,336				(2,397	)			47,382
Loss on debt financing transactions			—				(3,375	)			(1,561	)			(15,611	)
Other			8,745				6,959				4,023				(23,655	)
Other income (expense), net			(115,450	)			(118,196	)			(281,879	)			(285,547	)
Income before income taxes			154,208				132,140				350,720				134,304
Provision for income taxes			(7,935	)			(4,305	)			(27,949	)			(5,323	)
Net income			146,273				127,835				322,771				128,981
Less: net income attributable to noncontrolling interests			(34,330	)			(22,651	)			(66,612	)			(11,465	)
Net income attributable to Wynn Resorts, Limited		$	111,943			$	105,184			$	256,159			$	117,516
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic		$	1.01			$	0.93			$	2.31			$	1.04
Diluted		$	0.91			$	0.84			$	2.30			$	0.84
Weighted average common shares outstanding:
Basic			110,937				112,889				110,980				112,821
Diluted			111,175				113,198				111,222				113,143

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 June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income attributable to Wynn Resorts, Limited		$	111,943			$	105,184			$	256,159			$	117,516
Pre-opening expenses			1,558				1,477				3,593				5,955
Property charges and other			38,815				16,019				55,763				18,477
Change in derivatives fair value			(15,517	)			(24,336	)			2,397				(47,382	)
Loss on debt financing transactions			—				3,375				1,561				15,611
Foreign currency remeasurement and other			(8,745	)			(6,959	)			(4,023	)			23,655
Income tax impact on adjustments			(9,684	)			1,502				(10,252	)			10
Noncontrolling interests impact on adjustments			6,135				7,078				(3,892	)			2,830
Adjusted net income attributable to Wynn Resorts, Limited		$	124,505			$	103,340			$	301,306			$	136,672
Adjusted net income attributable to Wynn Resorts, Limited per diluted share		$	1.12			$	0.91			$	2.71			$	1.21
Weighted average common shares outstanding - diluted			111,175				113,198				111,222				113,143

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
		Three Months Ended June 30, 2024
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	108,249		$	61,172		$	(7,486	)		$	161,935		$	124,738		$	(17,827	)		$	812			$	269,658
Pre-opening expenses			—			—			—				—			334			515				709				1,558
Depreciation and amortization			55,316			20,035			390				75,741			61,885			31,733				7,046				176,405
Property charges and other			272			883			2				1,157			1,906			(174	)			35,926				38,815
Management and license fees			17,360			10,486			—				27,846			29,675			10,395				(67,916	)			—
Corporate expenses and other			2,005			1,999			5,983				9,987			7,957			1,752				14,014				33,710
Stock-based compensation			1,257			1,336			1,111				3,704			3,838			395				8,230				16,167
Triple-net operating lease rent expense			—			—			—				—			—			35,342				—				35,342
Adjusted Property EBITDAR		$	184,459		$	95,911		$	—			$	280,370		$	230,333		$	62,131			$	(1,179	)		$	571,655

		Three Months Ended June 30, 2023
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	80,275		$	47,267		$	(5,855	)		$	121,687		$	123,270		$	(11,003	)		$	16,382			$	250,336
Pre-opening expenses			—			—			—				—			—			336				1,141				1,477
Depreciation and amortization			53,908			20,527			380				74,815			57,521			30,198				7,428				169,962
Property charges and other			1,534			6,603			12				8,149			6,938			804				128				16,019
Management and license fees			15,074			9,487			—				24,561			27,441			10,746				(62,748	)			—
Corporate expenses and other			2,885			2,894			4,428				10,207			7,330			1,949				13,262				32,748
Stock-based compensation			2,931			2,812			1,035				6,778			1,621			443				9,443				18,285
Triple-net operating lease rent expense			—			—			—				—			—			35,631				—				35,631
Adjusted Property EBITDAR		$	156,607		$	89,590		$	—			$	246,197		$	224,121		$	69,104			$	(14,964	)		$	524,458

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
		Six Months Ended June 30, 2024
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	221,841		$	162,176		$	(16,099	)		$	367,918		$	271,187		$	(34,919	)		$	28,413			$	632,599
Pre-opening expenses			—			—			—				—			736			647				2,210				3,593
Depreciation and amortization			110,443			40,079			770				151,292			120,629			63,076				16,341				351,338
Property charges and other			11,692			446			112				12,250			2,175			170				41,168				55,763
Management and license fees			36,288			23,345			—				59,633			59,917			21,023				(140,573	)			—
Corporate expenses and other			4,388			4,501			13,120				22,009			15,951			3,718				31,937				73,615
Stock-based compensation			2,177			2,550			2,097				6,824			6,000			805				16,907				30,536
Triple-net operating lease rent expense			—			—			—				—			—			70,746				—				70,746
Adjusted Property EBITDAR		$	386,829		$	233,097		$	—			$	619,926		$	476,595		$	125,266			$	(3,597	)		$	1,218,190

		Six Months Ended June 30, 2023
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	120,143		$	59,516		$	(10,838	)		$	168,821		$	261,772		$	(25,952	)		$	15,210			$	419,851
Pre-opening expenses			—			—			—				—			81			1,247				4,627				5,955
Depreciation and amortization			108,075			41,177			760				150,012			114,202			60,132				14,428				338,774
Property charges and other			3,829			7,078			13				10,920			7,151			222				184				18,477
Management and license fees			26,904			16,762			—				43,666			55,253			21,249				(120,168	)			—
Corporate expenses and other			5,111			5,219			8,052				18,382			13,886			3,813				31,157				67,238
Stock-based compensation			3,603			4,583			2,013				10,199			3,373			893				18,530				32,995
Triple-net operating lease rent expense			—			—			—				—			—			70,914				—				70,914
Adjusted Property EBITDAR		$	267,665		$	134,335		$	—			$	402,000		$	455,718		$	132,518			$	(36,032	)		$	954,204

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income attributable to Wynn Resorts, Limited		$	111,943			$	105,184			$	256,159			$	117,516
Net income attributable to noncontrolling interests			34,330				22,651				66,612				11,465
Pre-opening expenses			1,558				1,477				3,593				5,955
Depreciation and amortization			176,405				169,962				351,338				338,774
Property charges and other			38,815				16,019				55,763				18,477
Triple-net operating lease rent expense			35,342				35,631				70,746				70,914
Corporate expenses and other			33,710				32,748				73,615				67,238
Stock-based compensation			16,167				18,285				30,536				32,995
Interest income			(34,884	)			(44,127	)			(75,056	)			(84,320	)
Interest expense, net of amounts capitalized			174,596				190,243				357,000				377,983
Change in derivatives fair value			(15,517	)			(24,336	)			2,397				(47,382	)
Loss on debt financing transactions			—				3,375				1,561				15,611
Other			(8,745	)			(6,959	)			(4,023	)			23,655
Provision for income taxes			7,935				4,305				27,949				5,323
Adjusted Property EBITDAR		$	571,655			$	524,458			$	1,218,190			$	954,204

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 June 30,											Six Months Ended June 30,
		2024				2023				Percent Change			2024				2023				Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino		$	444,964			$	365,277			21.8			$	918,745			$	635,964			44.5
Rooms			50,206				50,092			0.2				104,142				97,002			7.4
Food and beverage			29,829				25,260			18.1				61,899				48,813			26.8
Entertainment, retail and other			23,050				27,721			(16.9	)			50,164				55,934			(10.3	)
Total		$	548,049			$	468,350			17.0			$	1,134,950			$	837,713			35.5
Adjusted Property EBITDAR (6)		$	184,459			$	156,607			17.8			$	386,829			$	267,665			44.5
Casino statistics:
VIP:
Average number of table games			57				57			—				58				54			7.4
VIP turnover		$	2,810,016			$	3,042,338			(7.6	)		$	6,731,100			$	5,335,696			26.2
VIP table games win (1)		$	115,297			$	129,030			(10.6	)		$	244,712			$	191,478			27.8
VIP table games win as a % of turnover			4.10	%			4.24	%						3.64	%			3.59	%
Table games win per unit per day		$	22,092			$	24,728			(10.7	)		$	23,195			$	19,697			17.8
Mass market:
Average number of table games			243				240			1.3				244				239			2.1
Table drop (2)		$	1,738,260			$	1,507,148			15.3			$	3,520,444			$	2,689,146			30.9
Table games win (1)		$	409,409			$	305,817			33.9			$	846,732			$	566,683			49.4
Table games win %			23.6	%			20.3	%						24.1	%			21.1	%
Table games win per unit per day		$	18,484			$	13,980			32.2			$	19,039			$	13,125			45.1
Average number of slot machines			607				586			3.6				590				587			0.5
Slot machine handle		$	642,713			$	579,626			10.9			$	1,238,334			$	1,126,224			10.0
Slot machine win (3)		$	25,590			$	27,583			(7.2	)		$	56,560			$	53,008			6.7
Slot machine win per unit per day		$	464			$	517			(10.3	)		$	527			$	499			5.6
Poker rake		$	736			$	—			NM			$	736			$	—			NM
Room statistics:
Occupancy			98.9	%			96.5	%						98.9	%			92.2	%
ADR (4)		$	316			$	318			(0.6	)		$	326			$	319			2.2
REVPAR (5)		$	312			$	307			1.6			$	323			$	294			9.9
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 June 30,											Six Months Ended June 30,
		2024				2023				Percent Change			2024				2023				Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino		$	280,717			$	242,950			15.5			$	627,070			$	419,333			49.5
Rooms			23,742				26,130			(9.1	)			52,361				48,101			8.9
Food and beverage			20,003				14,666			36.4				41,022				28,968			41.6
Entertainment, retail and other			12,807				17,847			(28.2	)			28,560				35,917			(20.5	)
Total		$	337,269			$	301,593			11.8			$	749,013			$	532,319			40.7
Adjusted Property EBITDAR (6)		$	95,911			$	89,590			7.1			$	233,097			$	134,335			73.5
Casino statistics:
VIP:
Average number of table games			30				48			(37.5	)			30				50			(40.0	)
VIP turnover		$	1,164,075			$	1,390,272			(16.3	)		$	2,753,760			$	2,534,496			8.7
VIP table games win (1)		$	25,473			$	57,828			(56.0	)		$	79,379			$	88,579			(10.4	)
VIP table games win as a % of turnover			2.19	%			4.16	%						2.88	%			3.49	%
Table games win per unit per day		$	9,449			$	13,257			(28.7	)		$	14,629			$	9,808			49.2
Mass market:
Average number of table games			222				209			6.2				222				213			4.2
Table drop (2)		$	1,602,920			$	1,223,311			31.0			$	3,286,071			$	2,213,299			48.5
Table games win (1)		$	280,830			$	216,405			29.8			$	607,150			$	384,831			57.8
Table games win %			17.5	%			17.7	%						18.5	%			17.4	%
Table games win per unit per day		$	13,905			$	11,388			22.1			$	15,048			$	9,997			50.5
Average number of slot machines			617				533			15.8				600				532			12.8
Slot machine handle		$	801,813			$	519,807			54.3			$	1,532,202			$	989,576			54.8
Slot machine win (3)		$	25,978			$	15,452			68.1			$	52,170			$	31,749			64.3
Slot machine win per unit per day		$	463			$	319			45.1			$	478			$	330			44.8
Poker rake		$	3,607			$	5,376			(32.9	)		$	8,626			$	9,312			(7.4	)
Room statistics:
Occupancy			99.4	%			96.8	%						99.4	%			93.9	%
ADR (4)		$	236			$	269			(12.3	)		$	260			$	256			1.6
REVPAR (5)		$	234			$	260			(10.0	)		$	258			$	240			7.5

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 June 30,											Six Months Ended June 30,
		2024				2023				Percent Change			2024				2023				Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino		$	129,674			$	137,946			(6.0	)		$	264,837			$	292,476			(9.5	)
Rooms			205,872				177,765			15.8				429,948				362,874			18.5
Food and beverage			208,418				195,146			6.8				402,028				367,629			9.4
Entertainment, retail and other			84,690				67,215			26.0				168,389				141,857			18.7
Total		$	628,654			$	578,072			8.8			$	1,265,202			$	1,164,836			8.6
Adjusted Property EBITDAR (6)		$	230,333			$	224,121			2.8			$	476,595			$	455,718			4.6
Casino statistics:
Average number of table games			234				235			(0.4	)			234				233			0.4
Table drop (2)		$	536,461			$	559,701			(4.2	)		$	1,140,635			$	1,160,447			(1.7	)
Table games win (1)		$	117,496			$	128,012			(8.2	)		$	274,107			$	274,022			—
Table games win %			21.9	%			22.9	%						24.0	%			23.6	%
Table games win per unit per day		$	5,529			$	5,997			(7.8	)		$	6,444			$	6,490			(0.7	)
Average number of slot machines			1,598				1,651			(3.2	)			1,608				1,660			(3.1	)
Slot machine handle		$	1,648,364			$	1,522,525			8.3			$	3,144,442			$	3,095,260			1.6
Slot machine win (3)		$	110,017			$	103,357			6.4			$	209,773			$	210,145			(0.2	)
Slot machine win per unit per day		$	757			$	688			10.0			$	717			$	700			2.4
Poker rake		$	7,501			$	6,460			16.1			$	12,023			$	10,574			13.7
Room statistics:
Occupancy			90.9	%			90.6	%						89.4	%			89.7	%
ADR (4)		$	532			$	462			15.2			$	563			$	477			18.0
REVPAR (5)		$	484			$	418			15.8			$	504			$	428			17.8

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 June 30,											Six Months Ended June 30,
		2024				2023				Percent Change			2024				2023				Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino		$	153,591			$	166,826			(7.9	)		$	319,760			$	332,218			(3.7	)
Rooms			24,701				22,518			9.7				45,484				41,057			10.8
Food and beverage			23,154				21,964			5.4				43,393				44,237			(1.9	)
Entertainment, retail and other			11,162				10,624			5.1				21,755				20,726			5.0
Total		$	212,608			$	221,932			(4.2	)		$	430,392			$	438,238			(1.8	)
Adjusted Property EBITDAR (6)		$	62,131			$	69,104			(10.1	)		$	125,266			$	132,518			(5.5	)
Casino statistics:
Average number of table games			185				190			(2.6	)			184				194			(5.2	)
Table drop (2)		$	358,857			$	354,365			1.3			$	725,668			$	720,406			0.7
Table games win (1)		$	70,471			$	79,072			(10.9	)		$	153,449			$	158,615			(3.3	)
Table games win %			19.6	%			22.3	%						21.1	%			22.0	%
Table games win per unit per day		$	4,186			$	4,573			(8.5	)		$	4,576			$	4,512			1.4
Average number of slot machines			2,590				2,561			1.1				2,613				2,540			2.9
Slot machine handle		$	1,420,607			$	1,300,237			9.3			$	2,823,454			$	2,596,664			8.7
Slot machine win (3)		$	105,558			$	106,726			(1.1	)		$	210,223			$	210,799			(0.3	)
Slot machine win per unit per day		$	448			$	458			(2.2	)		$	442			$	459			(3.7	)
Poker rake		$	5,307			$	5,211			1.8			$	11,088			$	10,893			1.8
Room statistics:
Occupancy			96.5	%			92.7	%						93.1	%			91.4	%
ADR (4)		$	422			$	400			5.5			$	403			$	372			8.3
REVPAR (5)		$	407			$	371			9.7			$	375			$	340			10.3

(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/20240806344291/en/

Price Karr

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What were Wynn Resorts' (WYNN) Q2 2024 revenue and earnings?

Wynn Resorts reported Q2 2024 operating revenues of $1.73 billion and net income of $111.9 million, with diluted EPS of $0.91.

How did Wynn Resorts' (WYNN) Macau operations perform in Q2 2024?

Wynn Palace and Wynn Macau both saw increases in operating revenues and Adjusted Property EBITDAR compared to Q2 2023.

What is the status of Wynn Resorts' (WYNN) Wynn Al Marjan Island project?

Construction on Wynn Al Marjan Island in the UAE is progressing, with the project expected to open in 2027. The company contributed $356.5 million to the project in Q2 2024.

Did Wynn Resorts (WYNN) declare a dividend for Q2 2024?

Yes, Wynn Resorts declared a cash dividend of $0.25 per share, payable on August 30, 2024 to stockholders of record as of August 19, 2024.