Wynn Resorts, Limited Reports Third Quarter 2024 Results

Rhea-AI Summary

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.

Positive

• Operating revenues increased by $21.4 million year-over-year
• Net loss improved significantly from $116.7M to $32.1M
• Board increased share repurchase authorization to $1 billion
• Wynn Macau revenue increased by $56.9 million
• Strong mass gaming performance in Macau

Negative

• Still operating at a net loss of $32.1 million
• Adjusted Property EBITDAR decreased by $2.7 million year-over-year
• Las Vegas Operations revenue decreased by $11.8 million
• Wynn Palace revenue decreased by $5.0 million
• Total debt outstanding remains high at $11.79 billion

Insights

Financial Analyst

WYNN's Q3 2024 results show mixed performance with $1.69 billion in revenue, a marginal increase of $21.4 million year-over-year. The net loss narrowed significantly to $32.1 million from $116.7 million, with loss per share improving to $0.29 from $1.03. Notably, Macau operations showed resilience with Wynn Macau's EBITDAR increasing by $22.7 million, while Las Vegas operations saw a decline of $17.0 million. The company's strong liquidity position of $2.41 billion in cash, coupled with the increased $1 billion share buyback authorization and quarterly dividend of $0.25 per share, demonstrates financial stability and commitment to shareholder returns. However, the $11.79 billion debt load requires monitoring, though recent refinancing activities have improved the debt maturity profile.

Market Research Analyst

The regional performance divergence is notable, with Macau showing recovery momentum despite VIP segment weakness at Wynn Palace. The mass market segment remains robust with win percentages of 23.9% at Palace and 18.5% at Wynn Macau. Las Vegas revenue decline of $11.8 million suggests potential market normalization post-pandemic boom. The UAE expansion through Wynn Al Marjan Island represents a significant growth vector, with $532.6 million invested to date. The strategic focus on mass market gaming and non-gaming amenities, combined with geographic diversification, positions WYNN well for long-term growth despite near-term mixed results.

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

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted Property EBITDAR⁽¹⁾ was $527.7 million for the third quarter of 2024, compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023.

"Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a 'must see' tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. To that end, we are pleased to announce that the Board has increased our share repurchase authorization to $1 billion. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."

Consolidated Results

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. For the third quarter of 2024, operating revenues increased $56.9 million and $3.7 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $11.8 million and $5.0 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $98.9 million, or $0.90 per diluted share, for the third quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $112.0 million, or $0.99 per diluted share, for the third quarter of 2023.

Adjusted Property EBITDAR was $527.7 million for the third quarter of 2024, a decrease of $2.7 million compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023. For the third quarter of 2024, Adjusted Property EBITDAR increased $22.7 million and $2.5 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $17.0 million and $14.8 million at our Las Vegas Operations and Wynn Palace, respectively, from the third 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 November 27, 2024 to stockholders of record as of November 15, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $519.8 million for the third quarter of 2024, a decrease of $5.0 million from $524.8 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $162.3 million for the third quarter of 2024, compared to $177.0 million for the third quarter of 2023. Table games win percentage in mass market operations was 23.9%, above the 23.3% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.04%, below the property's expected range of 3.1% to 3.4% and below the 3.42% experienced in the third quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $352.0 million for the third quarter of 2024, an increase of $56.9 million from $295.0 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $100.6 million for the third quarter of 2024, compared to $77.9 million for the third quarter of 2023. Table games win percentage in mass market operations was 18.5%, above the 16.5% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.61%, above the property's expected range of 3.1% to 3.4% and above the 3.52% experienced in the third quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $607.2 million for the third quarter of 2024, a decrease of $11.8 million from $619.0 million for the third quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2024 was $202.7 million, compared to $219.7 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 23.3%, within the property's expected range of 22% to 26% and below the 26.0% experienced in the third quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $214.1 million for the third quarter of 2024, an increase of $3.7 million from $210.4 million for the third quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2024 was $63.0 million, compared to $60.5 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 21.3%, within the property's expected range of 18% to 22% and above the 20.8% experienced in the third quarter of 2023.

Wynn Al Marjan Island Development

During the third quarter of 2024, the Company contributed $18.2 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 $532.6 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of September 30, 2024 totaled $2.41 billion, comprised of $1.34 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $464.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $603.7 million held at Corporate and other. In addition, as of September 30, 2024, WML and WRF held $600.0 million and $605.9 million in short-term restricted cash, respectively, which was used to repay or repurchase certain senior notes in October 2024, as described below. As of September 30, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.6 million, respectively.

Total current and long-term debt outstanding at September 30, 2024 was $11.79 billion, comprised of $6.41 billion of Macau related debt, $1.46 billion of Wynn Las Vegas debt, $3.30 billion of WRF debt, and $614.5 million of debt held by the retail joint venture which we consolidate.

Recent Debt Financing Activities

In September 2024, we amended the WML facility agreement to extend the maturity date of the outstanding loans under the WM Cayman II Revolver to September 2028. On October 1, 2024, we repaid the $600.0 million aggregate principal amount of WML's 4.875% Senior Notes due 2024 on their stated maturity date.

In September 2024, we amended the WRF credit agreement to extend the maturity dates of a portion of the term loans and revolving commitments under the credit facility to September 2027. In September 2024, WRF and its subsidiary Wynn Resorts Capital Corp. issued $800.0 million aggregate principal amount of 6.250% Senior Notes due 2033 (the "2033 WRF Senior Notes"), using a portion of the proceeds in October 2024 to repurchase the remaining $600.0 million aggregate principal amount of WLV 5.500% Senior Notes due 2025.

In addition, as previously disclosed, in October 2024, we amended the retail term loan agreement to extend the maturity date to July 2027.

Equity Repurchase Program

During the third quarter of 2024, the Company repurchased 1,464,773 shares of its common stock under its publicly announced equity repurchase program at an average price of $80.37 per share, for an aggregate cost of $117.7 million, bringing the total repurchases by the Company for the nine months ended September 30, 2024 to 2,206,113 shares of its common stock for an aggregate cost of $185.7 million. As of September 30, 2024, the Company had $247.7 million in repurchase authority remaining under the equity repurchase program.

On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.00 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

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 November 4, 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 November 14, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 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 (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, 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 (gain) 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 (loss), 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 (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss (gain) 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 (loss) 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 (loss) 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 (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2024				2023				2024				2023
Operating revenues:
Casino		$	1,018,754			$	972,453			$	3,149,166			$	2,652,444
Rooms			284,765				289,338				916,700				838,372
Food and beverage			262,597				267,432				810,939				757,079
Entertainment, retail and other			127,207				142,713				412,359				443,542
Total operating revenues			1,693,323				1,671,936				5,289,164				4,691,437
Operating expenses:
Casino			617,469				577,733				1,907,426				1,594,761
Rooms			83,376				77,790				245,991				224,275
Food and beverage			220,187				220,835				647,351				605,376
Entertainment, retail and other			56,184				82,554				190,137				261,035
General and administrative			271,829				268,445				808,172				785,538
Provision for credit losses			1,836				870				4,352				(6,314	)
Pre-opening			2,457				867				6,050				6,822
Depreciation and amortization			156,273				171,969				507,611				510,743
Impairment of goodwill and intangible assets			—				93,990				—				94,490
Property charges and other			150,475				114,288				206,238				132,265
Total operating expenses			1,560,086				1,609,341				4,523,328				4,208,991
Operating income			133,237				62,595				765,836				482,446
Other income (expense):
Interest income			30,729				46,534				105,785				130,854
Interest expense, net of amounts capitalized			(167,922	)			(188,571	)			(524,922	)			(566,554	)
Change in derivatives fair value			(5,523	)			(50,637	)			(7,920	)			(3,255	)
(Loss) gain on debt financing transactions			(109	)			2,928				(1,670	)			(12,683	)
Other			21,300				3,861				25,323				(19,794	)
Other income (expense), net			(121,525	)			(185,885	)			(403,404	)			(471,432	)
Income (loss) before income taxes			11,712				(123,290	)			362,432				11,014
(Provision) benefit for income taxes			(17,127	)			2,749				(45,076	)			(2,574	)
Net income (loss)			(5,415	)			(120,541	)			317,356				8,440
Less: net (income) loss attributable to noncontrolling interests			(26,638	)			3,863				(93,250	)			(7,602	)
Net income (loss) attributable to Wynn Resorts, Limited		$	(32,053	)		$	(116,678	)		$	224,106			$	838
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic		$	(0.29	)		$	(1.03	)		$	2.03			$	0.01
Diluted		$	(0.29	)		$	(1.03	)		$	2.02			$	0.01
Weighted average common shares outstanding:
Basic			109,727				112,797				110,559				112,813
Diluted			109,727				112,797				110,810				113,132

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2024				2023				2024				2023
Net income (loss) attributable to Wynn Resorts, Limited		$	(32,053	)		$	(116,678	)		$	224,106			$	838
Pre-opening expenses			2,457				867				6,050				6,822
Impairment of goodwill and intangible assets			—				93,990				—				94,490
Property charges and other			150,475				114,288				206,238				132,265
Change in derivatives fair value			5,523				50,637				7,920				3,255
Loss (gain) on debt financing transactions			109				(2,928	)			1,670				12,683
Foreign currency remeasurement and other			(21,300	)			(3,861	)			(25,323	)			19,794
Income tax impact on adjustments			(10,096	)			(1,065	)			(20,348	)			(1,055	)
Noncontrolling interests impact on adjustments			3,787				(23,233	)			(105	)			(20,403	)
Adjusted net income attributable to Wynn Resorts, Limited		$	98,902			$	112,017			$	400,208			$	248,689
Adjusted net income attributable to Wynn Resorts, Limited per diluted share		$	0.90			$	0.99			$	3.61			$	2.20
Weighted average common shares outstanding - diluted			109,930				113,106				110,810				113,132

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
		Three Months Ended September 30, 2024
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations				Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	85,417		$	66,342		$	(8,212	)		$	143,547		$	(28,040	)		$	4,072			$	13,658			$	133,237
Pre-opening expenses			—			—			—				—			884				2				1,571				2,457
Depreciation and amortization			55,978			19,658			395				76,031			61,071				12,766				6,405				156,273
Property charges and other			879			265			12				1,156			130,367				(1,785	)			20,737				150,475
Management and license fees			16,694			10,943			—				27,637			28,616				10,460				(66,713	)			—
Corporate expenses and other			2,069			2,087			6,687				10,843			7,979				1,768				15,594				36,184
Stock-based compensation			1,246			1,299			1,118				3,663			1,843				354				7,810				13,670
Triple-net operating lease rent expense			—			—			—				—			—				35,381				—				35,381
Adjusted Property EBITDAR		$	162,283		$	100,594		$	—			$	262,877		$	202,720			$	63,018			$	(938	)		$	527,677

		Three Months Ended September 30, 2023
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	92,484		$	40,065		$	(5,459	)		$	127,090		$	122,276		$	(19,070	)		$	(167,701	)		$	62,595
Pre-opening expenses			—			—			—				—			—			6				861				867
Depreciation and amortization			53,985			20,331			381				74,697			57,753			31,100				8,419				171,969
Impairment of goodwill and intangible assets			—			—			—				—			—			—				93,990				93,990
Property charges and other			9,085			3,405			2				12,492			1,323			487				99,986				114,288
Management and license fees			16,691			9,228			—				25,919			29,379			10,265				(65,563	)			—
Corporate expenses and other			2,364			2,372			3,982				8,718			7,264			1,880				17,242				35,104
Stock-based compensation			2,439			2,538			1,094				6,071			1,745			426				7,902				16,144
Triple-net operating lease rent expense			—			—			—				—			—			35,404				—				35,404
Adjusted Property EBITDAR		$	177,048		$	77,939		$	—			$	254,987		$	219,740		$	60,498			$	(4,864	)		$	530,361

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
		Nine Months Ended September 30, 2024
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	307,258		$	228,518		$	(24,311	)		$	511,465		$	243,147		$	(30,847	)		$	42,071			$	765,836
Pre-opening expenses			—			—			—				—			1,620			649				3,781				6,050
Depreciation and amortization			166,421			59,737			1,165				227,323			181,700			75,842				22,746				507,611
Property charges and other			12,571			711			124				13,406			132,542			(1,615	)			61,905				206,238
Management and license fees			52,982			34,288			—				87,270			88,533			31,483				(207,286	)			—
Corporate expenses and other			6,457			6,588			19,807				32,852			23,930			5,486				47,531				109,799
Stock-based compensation			3,423			3,849			3,215				10,487			7,843			1,159				24,717				44,206
Triple-net operating lease rent expense			—			—			—				—			—			106,127				—				106,127
Adjusted Property EBITDAR		$	549,112		$	333,691		$	—			$	882,803		$	679,315		$	188,284			$	(4,535	)		$	1,745,867

		Nine Months Ended September 30, 2023
		Wynn Palace			Wynn Macau			Other Macau				Total Macau Operations			Las Vegas Operations			Encore Boston Harbor				Corporate and Other				Total
Operating income (loss)		$	212,627		$	99,581		$	(16,297	)		$	295,911		$	384,048		$	(45,022	)		$	(152,491	)		$	482,446
Pre-opening expenses			—			—			—				—			81			1,253				5,488				6,822
Depreciation and amortization			162,060			61,508			1,141				224,709			171,955			91,232				22,847				510,743
Impairment of goodwill and intangible assets			—			—			—				—			—			—				94,490				94,490
Property charges and other			12,914			10,483			15				23,412			8,474			709				99,670				132,265
Management and license fees			43,595			25,990			—				69,585			84,632			31,514				(185,731	)			—
Corporate expenses and other			7,475			7,591			12,034				27,100			21,150			5,693				48,399				102,342
Stock-based compensation			6,042			7,121			3,107				16,270			5,118			1,319				26,432				49,139
Triple-net operating lease rent expense			—			—			—				—			—			106,318				—				106,318
Adjusted Property EBITDAR		$	444,713		$	212,274		$	—			$	656,987		$	675,458		$	193,016			$	(40,896	)		$	1,484,565

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2024				2023				2024				2023
Net income (loss) attributable to Wynn Resorts, Limited		$	(32,053	)		$	(116,678	)		$	224,106			$	838
Net income (loss) attributable to noncontrolling interests			26,638				(3,863	)			93,250				7,602
Pre-opening expenses			2,457				867				6,050				6,822
Depreciation and amortization			156,273				171,969				507,611				510,743
Impairment of goodwill and intangible assets			—				93,990				—				94,490
Property charges and other			150,475				114,288				206,238				132,265
Triple-net operating lease rent expense			35,381				35,404				106,127				106,318
Corporate expenses and other			36,184				35,104				109,799				102,342
Stock-based compensation			13,670				16,144				44,206				49,139
Interest income			(30,729	)			(46,534	)			(105,785	)			(130,854	)
Interest expense, net of amounts capitalized			167,922				188,571				524,922				566,554
Change in derivatives fair value			5,523				50,637				7,920				3,255
Loss (gain) on debt financing transactions			109				(2,928	)			1,670				12,683
Other			(21,300	)			(3,861	)			(25,323	)			19,794
Provision (benefit) for income taxes			17,127				(2,749	)			45,076				2,574
Adjusted Property EBITDAR		$	527,677			$	530,361			$	1,745,867			$	1,484,565

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 September 30,											Nine Months Ended September 30,
			2024				2023			Percent Change				2024				2023			Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino		$	418,043			$	418,043			—			$	1,336,788			$	1,054,007			26.8
Rooms			49,145				54,309			(9.5	)			153,287				151,311			1.3
Food and beverage			31,506				26,215			20.2				93,405				75,028			24.5
Entertainment, retail and other			21,096				26,206			(19.5	)			71,260				82,140			(13.2	)
Total		$	519,790			$	524,773			(0.9	)		$	1,654,740			$	1,362,486			21.5
Adjusted Property EBITDAR (6)		$	162,283			$	177,048			(8.3	)		$	549,112			$	444,713			23.5
Casino statistics:
VIP:
Average number of table games			57				58			(1.7	)			58				55			5.5
VIP turnover		$	3,199,140			$	2,866,469			11.6			$	9,930,241			$	8,202,165			21.1
VIP table games win (1)		$	97,312			$	98,014			(0.7	)		$	342,024			$	289,492			18.1
VIP table games win as a % of turnover			3.04	%			3.42	%						3.44	%			3.53	%
Table games win per unit per day		$	18,614			$	18,386			1.2			$	21,677			$	19,233			12.7
Mass market:
Average number of table games			247				244			1.2				245				240			2.1
Table drop (2)		$	1,694,575			$	1,725,845			(1.8	)		$	5,215,019			$	4,414,990			18.1
Table games win (1)		$	404,307			$	402,285			0.5			$	1,251,039			$	968,967			29.1
Table games win %			23.9	%			23.3	%						24.0	%			21.9	%
Table games win per unit per day		$	17,801			$	17,913			(0.6	)		$	18,620			$	14,763			26.1
Average number of slot machines			596				563			5.9				592				579			2.2
Slot machine handle		$	577,289			$	634,121			(9.0	)		$	1,815,623			$	1,760,345			3.1
Slot machine win (3)		$	27,230			$	22,228			22.5			$	83,790			$	75,236			11.4
Slot machine win per unit per day		$	497			$	429			15.9			$	517			$	476			8.6
Poker rake		$	—			$	—			NM			$	736			$	—			NM
Room statistics:
Occupancy			98.3	%			96.9	%						98.7	%			93.8	%
ADR (4)		$	295			$	342			(13.7	)		$	315			$	327			(3.7	)
REVPAR (5)		$	289			$	331			(12.7	)		$	311			$	307			1.3
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 September 30,											Nine Months Ended September 30,
			2024				2023			Percent Change				2024				2023			Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino		$	296,781			$	230,294			28.9			$	923,851			$	649,627			42.2
Rooms			23,755				31,673			(25.0	)			76,116				79,774			(4.6	)
Food and beverage			19,524				18,287			6.8				60,546				47,255			28.1
Entertainment, retail and other			11,897				14,762			(19.4	)			40,457				50,679			(20.2	)
Total		$	351,957			$	295,016			19.3			$	1,100,970			$	827,335			33.1
Adjusted Property EBITDAR (6)		$	100,594			$	77,939			29.1			$	333,691			$	212,274			57.2
Casino statistics:
VIP:
Average number of table games			30				36			(16.7	)			30				45			(33.3	)
VIP turnover		$	1,201,516			$	1,192,610			0.7			$	3,955,277			$	3,727,106			6.1
VIP table games win (1)		$	43,326			$	41,995			3.2			$	122,705			$	130,574			(6.0	)
VIP table games win as a % of turnover			3.61	%			3.52	%						3.10	%			3.50	%
Table games win per unit per day		$	15,692			$	12,638			24.2			$	14,988			$	10,569			41.8
Mass market:
Average number of table games			222				217			2.3				222				214			3.7
Table drop (2)		$	1,515,462			$	1,384,258			9.5			$	4,801,533			$	3,597,557			33.5
Table games win (1)		$	280,044			$	228,323			22.7			$	887,194			$	613,154			44.7
Table games win %			18.5	%			16.5	%						18.5	%			17.0	%
Table games win per unit per day		$	13,713			$	11,423			20.0			$	14,599			$	10,485			39.2
Average number of slot machines			621				500			24.2				607				521			16.5
Slot machine handle		$	815,319			$	570,122			43.0			$	2,347,521			$	1,559,698			50.5
Slot machine win (3)		$	24,434			$	16,143			51.4			$	76,604			$	47,892			60.0
Slot machine win per unit per day		$	428			$	351			21.9			$	461			$	337			36.8
Poker rake		$	3,205			$	4,494			(28.7	)		$	11,831			$	13,807			(14.3	)
Room statistics:
Occupancy			98.9	%			98.7	%						99.2	%			95.5	%
ADR (4)		$	233			$	327			(28.7	)		$	251			$	281			(10.7	)
REVPAR (5)		$	230			$	323			(28.8	)		$	249			$	268			(7.1	)

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 September 30,											Nine Months Ended September 30,
			2024				2023			Percent Change				2024				2023			Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino		$	145,186			$	168,130			(13.6	)		$	410,023			$	460,606			(11.0	)
Rooms			187,123				178,518			4.8				617,071				541,392			14.0
Food and beverage			191,776				203,066			(5.6	)			593,804				570,695			4.0
Entertainment, retail and other			83,087				69,252			20.0				251,476				211,109			19.1
Total		$	607,172			$	618,966			(1.9	)		$	1,872,374			$	1,783,802			5.0
Adjusted Property EBITDAR (6)		$	202,720			$	219,740			(7.7	)		$	679,315			$	675,458			0.6
Casino statistics:
Average number of table games			235				234			0.4				234				233			0.4
Table drop (2)		$	580,800			$	607,610			(4.4	)		$	1,721,435			$	1,768,057			(2.6	)
Table games win (1)		$	135,230			$	157,873			(14.3	)		$	409,336			$	431,896			(5.2	)
Table games win %			23.3	%			26.0	%						23.8	%			24.4	%
Table games win per unit per day		$	6,256			$	7,340			(14.8	)		$	6,380			$	6,777			(5.9	)
Average number of slot machines			1,620				1,631			(0.7	)			1,612				1,650			(2.3	)
Slot machine handle		$	1,695,799			$	1,638,274			3.5			$	4,840,241			$	4,733,534			2.3
Slot machine win (3)		$	112,771			$	115,738			(2.6	)		$	322,544			$	325,883			(1.0	)
Slot machine win per unit per day		$	757			$	771			(1.8	)		$	730			$	723			1.0
Poker rake		$	4,629			$	5,669			(18.3	)		$	16,652			$	16,243			2.5
Room statistics:
Occupancy			89.0	%			90.0	%						89.3	%			89.8	%
ADR (4)		$	495			$	463			6.9			$	541			$	473			14.4
REVPAR (5)		$	441			$	417			5.8			$	483			$	424			13.9

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 September 30,											Nine Months Ended September 30,
			2024				2023			Percent Change				2024				2023			Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino		$	158,744			$	155,986			1.8			$	478,504			$	488,204			(2.0	)
Rooms			24,742				24,838			(0.4	)			70,226				65,895			6.6
Food and beverage			19,791				19,864			(0.4	)			63,184				64,101			(1.4	)
Entertainment, retail and other			10,844				9,715			11.6				32,599				30,441			7.1
Total		$	214,121			$	210,403			1.8			$	644,513			$	648,641			(0.6	)
Adjusted Property EBITDAR (6)		$	63,018			$	60,498			4.2			$	188,284			$	193,016			(2.5	)
Casino statistics:
Average number of table games			179				191			(6.3	)			182				193			(5.7	)
Table drop (2)		$	347,082			$	343,686			1.0			$	1,072,750			$	1,064,092			0.8
Table games win (1)		$	74,048			$	71,555			3.5			$	227,496			$	230,170			(1.2	)
Table games win %			21.3	%			20.8	%						21.2	%			21.6	%
Table games win per unit per day		$	4,507			$	4,079			10.5			$	4,553			$	4,368			4.2
Average number of slot machines			2,611				2,561			2.0				2,612				2,547			2.6
Slot machine handle		$	1,378,066			$	1,336,724			3.1			$	4,201,520			$	3,933,388			6.8
Slot machine win (3)		$	105,550			$	105,330			0.2			$	315,773			$	316,129			(0.1	)
Slot machine win per unit per day		$	439			$	447			(1.8	)		$	441			$	455			(3.1	)
Poker rake		$	5,334			$	5,224			2.1			$	16,422			$	16,116			1.9
Room statistics:
Occupancy			96.9	%			96.0	%						94.4	%			92.9	%
ADR (4)		$	426			$	421			1.2			$	410			$	389			5.4
REVPAR (5)		$	412			$	405			1.7			$	387			$	362			6.9

(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 (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104300812/en/

Price Karr

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What was Wynn Resorts (WYNN) revenue in Q3 2024?

Wynn Resorts reported operating revenues of $1.69 billion for Q3 2024, an increase of $21.4 million from Q3 2023.

What was WYNN's earnings per share in Q3 2024?

Wynn Resorts reported a diluted net loss per share of $0.29 for Q3 2024, improved from a loss of $1.03 per share in Q3 2023.

How much is WYNN's new share repurchase authorization?

On November 1, 2024, Wynn's Board of Directors authorized a total share repurchase program of up to $1.00 billion.

When is Wynn Al Marjan Island expected to open?

Wynn Al Marjan Island is currently expected to open in 2027.