分组1 - Wynn Resorts reported quarterly earnings of $1.17 per share, missing the Zacks Consensus Estimate of $1.33 per share, and down from $2.42 per share a year ago, representing an earnings surprise of -12.17% [1] - The company posted revenues of $1.87 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.67%, and compared to year-ago revenues of $1.84 billion [2] - Wynn shares have lost about 4% since the beginning of the year, while the S&P 500 has gained 1.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.31 on $1.78 billion in revenues, and for the current fiscal year, it is $5.19 on $7.44 billion in revenues [7] - The Zacks Industry Rank indicates that the Gaming industry is currently in the bottom 31% of over 250 Zacks industries, with top-ranked industries outperforming the bottom by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported adjusted property EBITDA of $240.8 million on operating revenue of $688.1 million, resulting in an EBITDA margin of 35% [13] - Boston's Encore generated adjusted property EBITDA of $57 million on revenue of $210.2 million, with an EBITDA margin of 27.1% [14] - Macau operations delivered adjusted property EBITDA of $270.9 million on $967.7 million of operating revenue, resulting in an EBITDA margin of 28% [15] Business Line Data and Key Metrics Changes - Las Vegas saw healthy demand with drop, handle, and ADR all up year-over-year, although RevPAR was slightly below last year [6] - Boston's RevPAR, table drop, and slot handle were all up year-over-year, despite lower-than-normal table hold [8] - Macau experienced significant volume growth with VIP turnover up 48% and mass drop up 18% year-over-year, although low VIP hold negatively impacted EBITDA by over $16 million [9][15] Market Data and Key Metrics Changes - The company expects over 55% of revenues to be generated in non-U.S. dollar-denominated markets, enhancing geographic diversification [5] - The premium segment continues to lead the market, with the expansion of the Chairman's Club at Wynn Palace expected to strengthen demand [10] Company Strategy and Development Direction - The company is focused on geographic diversification and enhancing its portfolio to meet affluent customers globally [5] - The opening of Wynn Al Marjan Island is seen as a significant milestone, with construction progressing rapidly [10] - The company aims to leverage technology and AI to enhance customer experience and operational efficiency [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for 2026, driven by strong group and convention demand [7] - The company is optimistic about Macau's future following sustained double-digit market-wide GGR growth [9] - Management highlighted the importance of maintaining high rates over occupancy to optimize revenue [54] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.7 billion as of December 31 [17] - A quarterly cash dividend of $0.25 per share has been approved, reflecting the company's commitment to returning capital to shareholders [18] - Julie Cameron-Doe, the CFO, will be retiring before the next earnings call, marking a significant leadership transition [11] Q&A Session Summary Question: Growth in Las Vegas for 2026 - Management remains confident in the high-end customer segment and expects to continue pricing rooms effectively despite some headwinds from room renovations [22][24] Question: OpEx Growth in Vegas and Macau - OpEx in Vegas is expected to remain disciplined, with projections of $4.3 million-$4.5 million per day outside major events, while Macau's OpEx is aligned with previous expectations of $2.7 million-$2.9 million per day [25][26] Question: Margin Expansion in Vegas - Management does not provide specific margin guidance but focuses on maximizing revenue and managing OpEx effectively [31] Question: Impact of World Cup on Business - Management has a targeted strategy to leverage the World Cup's proximity to boost ADR in Boston and expects some marginal impact on 2026 [73] Question: Chairman's Club Expansion - The new Chairman's Club is expected to open by Chinese New Year, significantly expanding the space dedicated to high-value customers [44][46] Question: VIP and Premium Mass Business Mix in Macau - Management noted that margins were affected by low hold in VIP and mass segments, but there was no fundamental shift in business dynamics [41] Question: Future Development in Boston - The company is not developing hotels on its balance sheet but is considering land leases for potential hotel developments near Encore [99][100]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported an adjusted property EBITDA of $240.8 million on operating revenue of $688.1 million, resulting in an EBITDA margin of 35% [13] - Boston's Encore generated adjusted property EBITDA of $57 million on revenue of $210.2 million, with an EBITDA margin of 27.1% [14] - Macau operations delivered adjusted property EBITDA of $270.9 million on $967.7 million of operating revenue, resulting in an EBITDA margin of 28% [15] - The company maintained a strong liquidity position with global cash and revolver availability of $4.7 billion as of December 31 [17] Business Line Data and Key Metrics Changes - In Las Vegas, demand remained healthy with drop, handle, and ADR all up year-over-year, although RevPAR was slightly below last year [6] - Boston's performance showed strong fundamentals with RevPAR, table drop, and slot handle all up year-over-year, despite lower-than-normal table hold [9] - Macau experienced significant volume growth with VIP turnover up 48% and mass drop up 18% year-over-year, although low VIP hold impacted EBITDA by over $16 million [10] Market Data and Key Metrics Changes - The company anticipates that over 55% of revenues will be generated in non-U.S. dollar-denominated markets as it diversifies geographically [5] - The premium segment continues to lead the market, with the expansion of the Chairman's Club at Wynn Palace expected to strengthen the company's position in Macau [11] Company Strategy and Development Direction - The company is focused on geographic diversification, with the opening of Wynn Al Marjan Island seen as a significant step in this direction [3] - Wynn Resorts aims to become one of the most globally diversified companies in the industry, leveraging its brand and customer focus [5] - The company is investing in technology and artificial intelligence to enhance customer experience and operational efficiency [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for 2026, citing strong visibility into group and convention business [7] - The company is optimistic about the future of Macau following sustained double-digit market-wide GGR growth in the latter half of 2025 [10] - Management acknowledged the challenges posed by the Encore Tower remodel, which is expected to impact room availability and revenue [8] Other Important Information - The company announced a quarterly cash dividend of $0.25 per share, payable on March 4, 2026 [18] - The total capital expenditure for 2026 is expected to be between $400 million and $450 million, with ongoing projects in Macau and Wynn Al Marjan Island [17] Q&A Session Summary Question: Outlook for high-end luxury properties in Vegas - Management remains confident in the high-end customer segment and expects to continue pricing rooms effectively despite the impact of the Encore Tower remodel [21][22] Question: OpEx growth expectations for Vegas and Macau - OpEx in Vegas is expected to remain disciplined, with projections of $4.3 million to $4.5 million per day outside major events [25] - Macau's OpEx is aligned with expectations of $2.7 million to $2.9 million per day, influenced by strong business volumes [26] Question: Margin expansion potential in Vegas - Management does not provide specific margin guidance but focuses on maximizing revenue and managing OpEx effectively [30] Question: Impact of the World Cup on business - Management has a targeted strategy to leverage the World Cup's proximity to boost business, particularly in Vegas [72] Question: Insights on the new Chairman's Club space - The expansion of the Chairman's Club is expected to triple its size and enhance the experience for high-value customers, with an opening planned for Chinese New Year [44][45] Question: Updates on Wynn Al Marjan Island - Rooms are expected to go on sale in late Q3 or early Q4, with ongoing construction and a strong transportation strategy to attract visitors [94][95]

The gaming and hospitality operator posted a profit of $100 million as sales rose at its Macau proprieties but declined at its Las Vegas and Boston operations. ...

Wynn Resorts 4Q25 Earnings Presentation February 2026 1 Forward-Looking Statements This presentation 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 thei ...

Financial Performance - Operating revenues for Q4 2025 were $1.87 billion, an increase of $27.2 million from $1.84 billion in Q4 2024[3] - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024, with diluted net income per share at $0.82 compared to $2.29[5] - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024[5] - For the year ended December 31, 2025, operating revenues totaled $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024[6] - Net income attributable to Wynn Resorts for the year 2025 was $327.3 million, down from $501.1 million in 2024, with diluted net income per share at $3.14 compared to $4.35[7] - Adjusted Property EBITDAR for the year 2025 was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024[8] Revenue Breakdown - Wynn Palace's operating revenues for Q4 2025 were $596.4 million, an increase of $33.4 million from $562.9 million in Q4 2024[10] - Total operating revenues for Q4 2025 reached $1,865,983, a slight increase from $1,838,797 in Q4 2024, resulting in a year-end total of $7,137,924 compared to $7,127,961 in 2024[23] - The total operating revenues for Wynn Palace for the year ended December 31, 2025, reached $2,307,397,000, a 4.0% increase from $2,217,671,000 in 2024[30] - Wynn Macau's total operating revenues for Q4 2025 were $371.3 million, a 2.1% increase from $363.7 million in Q4 2024[32] - Las Vegas operations reported total revenues of $688.1 million in Q4 2025, a decrease of 1.6% compared to $699.5 million in Q4 2024[35] - Encore Boston Harbor's total operating revenues for Q4 2025 were $210.2 million, down 1.2% from $212.7 million in Q4 2024[38] Expenses and Debt - Total operating expenses for Q4 2025 were $1,591,277, an increase from $1,471,902 in Q4 2024, leading to a year-end total of $6,019,540 compared to $5,995,230 in 2024[23] - Total current and long-term debt outstanding as of December 31, 2025, was $10.55 billion, including $5.79 billion of Macau-related debt[16] - Interest expense for Q4 2025 was $(155,816), slightly improved from $(163,488) in Q4 2024, with a year-end total of $(625,556) compared to $(688,410) in 2024[23] - Pre-opening expenses for Q4 2025 were $14,632, significantly higher than $3,305 in Q4 2024, reflecting increased investment in new projects[24] - Wynn Resorts incurred pre-opening expenses of $38,494,000 for the year ended December 31, 2025, compared to $9,355,000 in 2024[28] Operational Metrics - The occupancy rate for Wynn Resorts was 99.1% in Q4 2025, slightly up from 98.4% in Q4 2024[30] - The average daily rate (ADR) for rooms decreased by 26.0% to $219 in Q4 2025, compared to $296 in Q4 2024[30] - The average number of table games in the mass market segment decreased by 2.0% to 241 in Q4 2025, while the table drop increased by 22.7% to $2,059,169,000[30] - Slot machine handle increased by 25.5% to $883,995,000 in Q4 2025, compared to $704,360,000 in Q4 2024[30] - The average number of table games in Las Vegas increased by 2.7% to 232 in Q4 2025, while the table games win decreased by 14.1% to $173.8 million[35] - Slot machine handle in Las Vegas increased by 3.3% to $1.98 billion in Q4 2025, with slot machine win rising by 4.8% to $129.5 million[35] Credit and Loss Provisions - The company reported a provision for credit losses of $3,570 in Q4 2025, compared to $634 in Q4 2024, indicating a rise in expected credit losses[23] Market Performance - Casino revenue for Wynn Palace increased by 9.3% to $501,470,000 in Q4 2025, compared to $458,816,000 in Q4 2024[30] - Casino revenues in Macau decreased by 2.9% year-over-year, totaling $1.2 billion for the year ended December 31, 2025[32] - Adjusted Property EBITDAR for Wynn Macau was $107.4 million in Q4 2025, down 0.7% from $108.2 million in Q4 2024[32] - Wynn Macau's VIP turnover decreased by 16.8% to $909.6 million in Q4 2025, with VIP table games win down 42.0% to $31.7 million[32] - The occupancy rate for Las Vegas operations was 85.2% in Q4 2025, down from 88.1% in Q4 2024[35] - The average daily rate (ADR) for rooms in Las Vegas increased by 2.2% to $611 in Q4 2025, while REVPAR decreased by 1.3% to $520[35]

Core Viewpoint - Wynn Resorts reported a mixed financial performance for the fourth quarter and year ended December 31, 2025, with operating revenues increasing but net income and adjusted earnings declining compared to the previous year [1][2]. Financial Results - Operating revenues for Q4 2025 were $1.87 billion, up $27.2 million from $1.84 billion in Q4 2024 [1]. - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024 [1]. - Diluted net income per share for Q4 2025 was $0.82, compared to $2.29 in Q4 2024 [1]. - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024 [1]. Year-End Results - For the year ended December 31, 2025, operating revenues were $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024 [1]. - Net income attributable to Wynn Resorts for the year was $327.3 million, down from $501.1 million in 2024 [1]. - Diluted net income per share for the year was $3.14, compared to $4.35 in 2024 [1]. - Adjusted Property EBITDAR for the year was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024 [1]. Segment Performance - Wynn Palace reported Q4 2025 operating revenues of $596.4 million, an increase of $33.4 million from Q4 2024 [2]. - Wynn Macau's Q4 2025 operating revenues were $371.3 million, up $7.7 million from Q4 2024 [2]. - Las Vegas Operations had Q4 2025 revenues of $688.1 million, a decrease of $11.4 million from Q4 2024 [2]. - Encore Boston Harbor's Q4 2025 revenues were $210.2 million, down $2.5 million from Q4 2024 [2]. Development Updates - The company is progressing on the Wynn Al Marjan Island project, with a cash contribution of $79.2 million in Q4 2025, totaling $914.2 million to date [2]. - The project is expected to open in Q1 2027 [2]. Balance Sheet Highlights - Cash and cash equivalents as of December 31, 2025, totaled $1.46 billion, excluding $601.8 million of short-term investments [2]. - Total current and long-term debt outstanding was $10.55 billion as of December 31, 2025 [2].

Core Insights - Wynn Resorts has received 18 Five-Star awards from Forbes Travel Guide for 2026, marking its status as the independent hotel company with the longest-running Five-Star awards globally [1] - Wynn Tower Suites at Wynn Las Vegas celebrates its 20th consecutive year of Five-Star recognition, highlighting the company's commitment to excellence in guest experiences [1] - Wynn Palace is recognized as the world's largest Forbes Travel Guide Five-Star resort for the third consecutive year, with a total of 63 stars across Wynn Macau and Wynn Palace [1] Awards and Recognition - Wynn Resorts achieved a total of 18 Five-Star awards in 2026, showcasing its dedication to high-quality service and guest satisfaction [1] - Wynn Tower Suites has maintained its Five-Star status for 20 consecutive years, the longest in Las Vegas, reflecting consistent service quality [1] - Wynn Palace holds the distinction of having the most Five-Star restaurants worldwide, with four awarded restaurants, maintaining this status for seven consecutive years [1] Company Overview - Wynn Resorts operates several luxury properties, including Wynn Las Vegas, Wynn Macau, Wynn Palace, and Encore Boston Harbor, and is constructing a new integrated resort in Ras Al Khaimah, UAE, set to open in 2027 [1] - The company’s properties feature a range of amenities, including luxury hotel rooms, fine dining, spas, and entertainment options, contributing to its high ratings [1] - Wynn Al Marjan Island, the upcoming resort in the UAE, will offer 1,542 rooms and a variety of luxury amenities, further expanding the company's portfolio [1]

Core Insights - The gaming sector is experiencing a mixed performance, with MGM reporting a solid quarter despite a challenging 2025, while expectations for Wynn and DraftKings are cautiously optimistic as they prepare for upcoming earnings reports [1][2][3]. MGM Insights - MGM faced a difficult 2025 with high single-digit declines in visitation and gross gaming revenue, but anticipates a better performance in 2026, particularly in the latter half of the year [2][3]. - Growth in Macau and the digital business is highlighted as a positive aspect of MGM's diversified operations, despite the stock underperforming in 2025 [3][4]. Wynn Insights - Wynn is positioned as a luxury play within the gaming sector, expected to perform better than mid-tier operators, with positive outlooks for both its Vegas operations and the recovering Macau market [5][6]. - The stock is trading at approximately 20 times earnings, with significant luxury assets and plans to open a property in the UAE by late 2026 [7]. DraftKings Insights - DraftKings is expected to exceed Q4 expectations, driven by a strong December performance, although guidance for 2026 may be slightly below expectations due to investments in prediction markets [9][10]. - The company is rolling out a prediction product in markets where sports betting is not available, and initial tracking indicates positive reception [11]. Market Trends - The luxury segment in the gaming and lodging industry is showing growth, while other segments are declining, reflecting a K-shaped economic recovery [5]. - The Chinese market is seen as a bright spot for gaming companies, particularly with the upcoming Chinese New Year [8].

Core Viewpoint - Wynn Resorts (WYNN) is expected to report a quarterly earnings per share (EPS) of $1.33, reflecting a year-over-year decline of 45%, while revenues are projected to be $1.85 billion, an increase of 0.8% from the previous year [1]. Earnings Projections - Analysts have adjusted the consensus EPS estimate upward by 0.5% over the past 30 days, indicating a reassessment of initial projections [1][2]. Revenue Estimates - The average estimate for 'Operating revenues - Las Vegas Operations' is $667.42 million, showing a year-over-year decline of 4.6% [4]. - The consensus for 'Operating revenues - Encore Boston Harbor' is $210.69 million, indicating a decrease of 0.9% from the previous year [4]. - 'Operating revenues - Macau Operations' are expected to reach $963.02 million, reflecting a year-over-year increase of 3.9% [4]. - 'Operating revenues - Wynn Macau' is estimated at $370.00 million, showing a growth of 1.7% from the previous year [5]. Key Metrics - 'Table Drop - Las Vegas Operations' is projected to be $671.20 million, compared to $655.04 million in the same quarter last year [5]. - 'Table Games Win - Las Vegas Operations' is expected to be $161.94 million, down from $202.33 million year-over-year [6]. - 'Slot Machine Win - Las Vegas Operations' is forecasted at $131.97 million, up from $123.61 million in the same quarter last year [6]. - 'Vip Table Games Win - Macau Operations - Wynn Palace - VIP' is expected to reach $160.01 million, compared to $107.44 million in the same quarter last year [7]. - 'Vip Turnover - Macau Operations - Wynn Palace - VIP' is projected at $4.97 billion, up from $3.06 billion year-over-year [7]. Occupancy and Revenue Per Available Room (REVPAR) - 'Macau Operations - Wynn Palace - REVPAR' is expected to be $244.61, down from $291.00 in the same quarter last year [8]. - 'Macau Operations - Wynn Palace - ADR' is projected at $248.10, compared to $296.00 in the same quarter last year [8]. - 'Macau Operations - Wynn Palace - Occupancy' is expected to reach 98.6%, slightly up from 98.4% in the same quarter last year [9]. Stock Performance - Over the past month, Wynn shares have recorded a return of +0.1%, while the Zacks S&P 500 composite has shown no change [10].