Financial Data and Key Metrics Changes - Wynn Resorts reported a record year of adjusted property EBITDA, with Las Vegas achieving another annual record [8][10] - Adjusted property EBITDA for Wynn Las Vegas was $267.4 million on operating revenue of $699.5 million, resulting in an EBITDA margin of 38.2%, down 1% year on year [24][25] - Macau operations generated $292.8 million in adjusted property EBITDA on $926.6 million of operating revenue, resulting in an EBITDA margin of 31.6% [27] Business Line Data and Key Metrics Changes - In Las Vegas, table games drop was flat year on year, while slot handle increased by 13% [11][25] - Encore Boston reported adjusted property EBITDA of $58.8 million on revenue of $212.7 million, with an EBITDA margin of 27.7% [26] - Macau's EBITDA was down about 1% year over year but up 11% sequentially, with a focus on maximizing EBITDA despite competitive pressures [17][18] Market Data and Key Metrics Changes - Demand in Las Vegas remained healthy in January, with both drop and handle up year over year, and ADR and SMB covers also increasing [13][14] - In Boston, slot handle was up 6%, setting a new all-time property record for slot revenue [15][16] - Macau saw healthy mass table drop and strong direct VIP turnover during the Chinese New Year period, with full hotel occupancy [19][20] Company Strategy and Development Direction - The company is focused on diversifying its business with the development project in the UAE, which is expected to produce meaningful EBITDA [9][21] - Wynn Resorts is committed to returning capital to shareholders through share repurchases and dividends, with a recent repurchase of $200 million in Q4 [10][33] - The company is exploring additional market opportunities in attractive gateway cities and has strategic land banks in new markets [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, citing strong demand indicators and a robust setup for 2025 [14][102] - The competitive environment in Macau remains stable, with a focus on EBITDA and margin rather than market share [52] - Management noted that the premium customer segment outperformed the base market during Chinese New Year, indicating a healthy customer base [59] Other Important Information - The company announced a cash dividend of $0.25 per share, payable on March 5, 2025 [33] - A $2.4 billion financing package for the UAE project was finalized, marking a significant milestone [36] - The company is advancing design work and approvals for several concession-related CapEx projects in Macau [29][30] Q&A Session Summary Question: What win rate is being used for favorable hold in Las Vegas? - Management confirmed a 22% embedded table hold [40] Question: Is EBITDA growth expected in January and February despite the Super Bowl impact? - Management indicated that all key volume indicators were up year over year, excluding the Super Bowl weekend [46][102] Question: How is the competitive environment in Macau expected to evolve? - Management stated that the market remains competitive but stable, focusing on EBITDA and margin [52] Question: Can you elaborate on the acquisition in London and future expansion opportunities? - The acquisition is part of establishing a presence in a key global gateway city, with potential for further expansion [66] Question: What are the major milestones for the UAE project leading up to 2027? - Topping off of the project is expected towards the end of the year, with further engagement with investors planned [80] Question: How is the company managing operating expenses in Las Vegas? - Management emphasized a comprehensive approach to managing OpEx without impacting customer experience [128][132] Question: What is the outlook for CapEx in Macau? - The company is committed to a $2.6 billion investment over ten years, focusing on projects that align with the Wynn brand [168][172]

Wynn Resorts (WYNN) came out with quarterly earnings of $2.42 per share, beating the Zacks Consensus Estimate of $1.27 per share. This compares to earnings of $1.91 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 90.55%. A quarter ago, it was expected that this casino operator would post earnings of $1.17 per share when it actually produced earnings of $0.90, delivering a surprise of -23.08%.Over the last four quarters, the co ...

Risks and Compliance - The company faces risks associated with co-investments, including potential bankruptcy of co-investors which could lead to additional liabilities[137] - Projected development costs may exceed estimates, and insufficient contingencies could negatively impact project completion and financial condition[138] - Compliance with anti-money laundering laws and regulations is critical, as violations could adversely affect business performance and financial results[139] - The company is subject to extensive environmental regulations, which may lead to significant future expenditures for compliance and remediation[143] - The company has experienced data security incidents in the past, and future breaches could disrupt operations and damage reputation[150] - Non-compliance with privacy regulations, such as GDPR, could result in penalties up to 4% of worldwide revenue, impacting business operations[152] - The company relies heavily on information technology systems, and any disruptions could materially affect business operations and financial condition[153] - Increased scrutiny on corporate social responsibility could impact brand reputation and financial results if not managed properly[145] - The evolving regulatory landscape may lead to higher compliance costs and operational risks for the company[146] Operational Performance - Total operating revenues for the year ended December 31, 2024, increased to $7.13 billion, up from $6.53 billion in 2023, representing a growth of approximately 9.1%[369] - The company's net income attributable to Wynn Resorts, Limited for 2024 was $501.1 million, compared to $730.0 million in 2023, reflecting a decrease of about 31.3%[369] - Operating expenses for 2024 totaled $6.00 billion, an increase from $5.69 billion in 2023, indicating a rise of about 5.4%[369] - Basic net income per share for 2024 was $4.56, down from $6.49 in 2023, representing a decline of about 29.8%[369] - Operating cash flow for 2024 was $1.426 billion, compared to $1.248 billion in 2023, indicating a strong operational performance[377] Financial Position - As of December 31, 2024, the company had total outstanding debt of approximately $10.64 billion[180] - Total liabilities decreased from $15.10 billion in 2023 to $13.95 billion in 2024, a reduction of approximately 7.6%[367] - The company reported a total stockholders' deficit of $968.6 million as of December 31, 2024, compared to $1.10 billion in 2023, indicating an improvement[367] - Wynn Resorts' total stockholders' equity as of December 31, 2024, was $1.336 billion, reflecting a recovery from previous deficits[374] - The company experienced a currency translation adjustment loss of $9.106 million in 2024, impacting overall financial results[377] Debt and Interest Rates - Approximately 76.0% of the company's long-term debt was based on fixed rates as of December 31, 2024[337] - The company entered into an interest rate swap with a notional value of $600.0 million, fixing the variable component of the interest rate on the Retail Term Loan at 3.385% through February 2027[337] - An assumed 100 basis point change in variable rates would cause the company's annual interest expense to change by $19.1 million[338] - The average interest rates for fixed and variable rate long-term debt are 5.6% and 6.1%, respectively[336] - The total long-term debt, net of current portion, was $10.500 billion as of December 31, 2024, down from $11.029 billion in 2023[468] Investments and Capital Expenditures - The company reported a total of $850 million in proceeds from the maturity of investments in 2024, indicating effective investment management[377] - Total capital expenditures for 2024 were $419.929 million, slightly down from $442.793 million in 2023[377] - The company capitalized interest costs of $23.0 million and $5.8 million for the years ended December 31, 2024 and 2023, respectively[403] - The company recognized a loss on investments in unconsolidated affiliates of $6.1 million in 2024, compared to a loss of $2.4 million in 2023[417] Market and Regulatory Environment - The Macau government has the authority to rescind the gaming concession if Wynn Macau SA fails to comply with applicable laws, which could severely affect business operations[166] - Currency exchange controls in the PRC may impede the flow of gaming customers to Macau, negatively impacting Wynn Macau SA's operations[175] - The Macau Smoking Prevention and Tobacco Control Law, effective January 1, 2019, restricts smoking on casino premises, potentially deterring gaming customers who smoke[164] - Labor competition in Macau is increasing, with a limited pool of qualified employees available for casino operations, which may impact staffing and operational efficiency[163] Shareholder Returns - The company repurchased 4.501 million shares in 2024, totaling $405.281 million, reflecting a commitment to returning value to shareholders[377] - Cash dividends declared in 2024 amounted to $139.894 million, an increase from $84.733 million in 2023[377] Gaming Operations - As of December 31, 2024, Wynn Macau SA is approved to operate a total of 570 gaming tables and 1,100 gaming machines across its Macau Operations[177] - Wynn Macau SA currently has 303 table games at Wynn Palace and 257 at Wynn Macau, indicating a competitive positioning in the Macau gaming market[177] - Gaming taxes totaled $1.83 billion in 2024, an increase from $1.57 billion in 2023, and $526.3 million in 2022[429] Miscellaneous - The company has filed applications for various trademarks, but challenges to ownership could harm business operations[154] - The company incurred pre-opening expenses primarily related to the construction of Wynn Al Marjan Island in 2024, and sports betting operations in Massachusetts in 2023[433] - The Company received cash proceeds of approximately $1.70 billion from the sale-leaseback arrangement related to Encore Boston Harbor[387] - Wynn Resorts has a 40% equity interest in the construction of an integrated resort property in Ras Al Khaimah, UAE, expected to open in 2027[381]

Adjusted Property EBITDAR was $619.1 million for the fourth quarter of 2024, a decrease of $11.3 million compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023. For the fourth quarter of 2024, Adjusted Property EBITDAR increased $13.5 million at Wynn Palace, and decreased $17.7 million, $5.5 million, and $3.3 million at Wynn Macau, Encore Boston Harbor, and our Las Vegas Operations, respectively, from the fourth quarter of 2023. Exhibit 99.1 Wynn Resorts, Limited Reports Four ...

You’d have to look far and wide to find an area of Wall Street not rattled by tariffs. But some sectors are at least insulated, for now, from the coming storm. Back in November, brick-and-mortar casinos saw their commercial gaming revenue fall year-over-year. Someone forgot to tell Boyd Gaming (BYD), with the casino company last week reporting a top-line beat for the fourth-quarter. Plus, sector peer Las Vegas Sands (LVS) gapped higher by 11.1% the week prior after a fourth-quarter revenue beat overshadowed ...

Wynn Resorts, Limited (WYNN) is scheduled to release fourth-quarter 2024 results on Feb. 13, 2024, after the closing bell.In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 23.1% and decreased 9.1% year over year. Meanwhile, revenues missed the consensus mark by 2.4%, but increased 1.2% year over year.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Wynn Resorts’ earnings topped the consensus mark in two of the trailing four quarters and missed ...

Wynn Resorts (WYNN) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 13, 2025, might help the stock move higher if these key numbers are better tha ...

The Company Receives Highest Ranking for a Casino ResortLAS VEGAS, Feb. 3, 2025 /PRNewswire/ -- Wynn Resorts has once again been recognized on FORTUNE Magazine's World's Most Admired Companies list for 2025, reaffirming its position as the highest-ranked gaming resort company. In addition to being the best ranked casino within the Hotel, Casinos, Resorts category, the Company also scored well in the Quality of Products/Services category."To be recognized on this prestigious list for the seventeenth year in ...

Wynn Resorts, Limited (NASDAQ: WYNN ) announced in January it would acquire Crown London , likely having a minimal effect on earnings but a more meaningful strategic impact for VIP customer acquisition for the UAE project and other locations. TheI am an avid investor with a major focus on small cap companies with experience in investing in US, Canadian, and European markets. My investment philosophy to generating great returns on the stock market revolves around identifying mispriced securities by understan ...

It has been about a month since the last earnings report for Wynn Resorts (WYNN) . Shares have added about 8.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Wynn due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Wynn Resorts Q3 Earnings & Revenues Miss EstimatesW ...