Wynn Resorts, Limited WYNN reported fourth-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line fell year over year, while the bottom line increased from the prior-year quarter’s figure.
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The quarter’s results reflect continued strength across Wynn Resorts’ operations, highlighted by healthy market share in Macau (driven by robust premium mass and VIP segments) and solid Las Vegas performance. The company stated progress with respect to the Wynn Al Marjan Island project in the UAE. Management remains confident that the resort will emerge as a premier tourism destination, supporting long-term free cash flow growth. During the fourth quarter, the company emphasized shareholder returns through a cash dividend and a $200 million stock repurchase.
WYNN’s Q4 Earnings & Revenues
The company reported adjusted earnings per share (EPS) of $2.42, beating the Zacks Consensus Estimate of $1.27 by 90.6%. In the prior-year quarter, the company reported an adjusted EPS of $1.91.
Quarterly operating revenues of $1.84 billion topped the consensus mark of $1.78 billion by 3.4%. However, the top line fell 0.1% on a year-over-year basis.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Wynn Palace’s operating revenues increased to $562.9 million from $524.4 million reported in the prior-year quarter. Our model predicted segmental revenues to be $508.3 million.
Casino revenues increased 10% year over year at $458.8 million. Rooms and entertainment, retail and other revenues decreased 1.6% and 17% year over year to $49.6 million and $22.5 million, respectively. Food and beverage revenues increased 8.3% year over year to $32 million.
In the VIP segment, table games turnover was $3.1 billion, down 3.2% year over year. VIP table games win rate (based on turnover) was 3.5% compared with 3% in the prior-year quarter. Table drop in the mass market segment was $1.68 billion compared with $1.71 billion in the prior-year quarter. Table game wins in mass market operations amounted to $435.5 million compared with $404.5 million in the prior-year quarter.
During the quarter, revenue per available room (RevPAR) declined 4.9% year over year to $291. Occupancy levels in the segment were 98.4% compared with 98.3% in the prior-year quarter. The average daily rate (ADR) was $296, down 4.8% on a year-over-year basis.
Wynn Macau Operations
Wynn Macau’s operating revenues amounted to $363.7 million compared with $386.2 million reported in the prior-year quarter. For this business operation, we projected year-over-year growth of 0.1% to $386.6 million.
Casino revenues were $306.5 million, down 4.4% year over year. On a year-over-year basis, revenues from rooms declined 17% to $24.5 million, while revenues from food and beverage fell 2.5% to $20.2 million. Entertainment, retail and other revenues declined 18.6% year over year to $12.4 million.
Table games turnover in the VIP segment declined 22.3% year over year to $1.09 billion. The VIP table games win rate (based on turnover) was 5%, up from 4.4% reported in the prior-year quarter.
Table drop in the mass market segment was $1.54 billion compared with $1.56 billion reported in the prior-year quarter. Table games win in the mass market category was $276.8 million compared with $297.7 million in the prior-year quarter.
During the quarter, RevPAR declined 15.3% year over year to $238. Occupancy levels in the segment were 99.4% flat year over year. ADR was $240, down 14.9% year over year.
Las Vegas Operations
Operating revenues from Las Vegas operations were $699.5 million compared with $696.8 million in the prior-year quarter. Our projection for the metric was $662.8 million.
Casino revenues increased 13.4% year over year to $190 million. Revenues from food and beverage plunged 7.5% year over year to $184.7 million. Revenues from rooms declined 5.9% year over year to $228.6 million, while revenues from entertainment, retail and other increased 11.1% year over year to $96.2 million.
Table drop declined 0.4% year over year to $655 million. Table game wins increased 21.1% year over year to $202.3 million. Table games win percentage of 30.9% was up from 25.4% reported in the prior-year quarter.
RevPAR fell 6.1% year over year to $527. The occupancy rate was 88.1%, down from 88.9% in the prior-year period. ADR was $598, down 5.2% year over year.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor operations amounted to $212.7 million compared with $217.1 million in the prior-year quarter. Our projection for the metric was $217.9 million.
Casino revenues fell 2.3% to $156.8 million. Revenues from rooms and food and beverage declined 7% and 1.5% year over year to $22.6 million and $21.2 million, respectively. Entertainment, retail and other revenues increased 11% year over year to $12 million.
During the quarter, the table games win percentage of 20.7% was down from the 22% reported in the prior-year quarter.
RevPAR declined 4.1% year over year to $379. The occupancy rate was 91.1%, down from 93.3% in the prior-year quarter. ADR was $416, down 1.9% year over year.
Operating Performance of Wynn Resorts
During the fourth quarter, adjusted property EBITDAR was $619.1 million compared with $630.4 million reported in the prior-year quarter.
Adjusted property EBITDAR from total Macau operations totaled $292.8 million compared with $297 million in the prior-year quarter. Adjusted property EBITDAR from Las Vegas operations was $267.4 million compared with $270.8 million in the year-ago quarter. Adjusted property EBITDAR from Encore Boston Harbor was $58.8 million compared with $64.4 million reported in the prior-year quarter.
Cash Position of WYNN
As of Dec. 31, 2024, Wynn Resorts’ cash and cash equivalents totaled $2.43 billion compared with $2.41 billion in the previous quarter.
Total current and long-term outstanding debt at the end of the fourth quarter amounted to $10.54 billion. The figure included $874.2 million of Wynn Las Vegas-related debt, $5.78 billion of Macau debt, $3.29 billion of Wynn Resorts Finance debt and $597.3 million of debt held by the retail joint venture, which the company consolidated.
WYNN's 2024 Highlights
Total revenues in 2024 came in at $7.13 billion compared with $6.53 billion in 2023.
Adjusted Property EBITDAR in 2024 came in at $2.36 billion compared with $2.11 billion in 2023.
In 2024, adjusted EPS came in at $6.02 compared with $4.10 reported in the previous year.
WYNN’s Zacks Rank
Wynn Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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