LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2023. Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million ...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.It also includes access to the Zacks Style Scores.What are the Zacks Style Scores?The Zacks Style S ...

Wall Street analysts forecast that Wynn Resorts (WYNN) will report quarterly earnings of $1.12 per share in its upcoming release, pointing to a year-over-year increase of 191.1%. It is anticipated that revenues will amount to $1.71 billion, exhibiting an increase of 69.8% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 6.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial p ...

LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts has once again been honored on FORTUNE Magazine’s World’s Most Admired Companies list for 2024. The Company was the highest ranked gaming resort company. Additionally, Wynn Resorts placed first among all hotel companies in the Quality of Products/Services category, a recognition the Company received for a fifth time. “ It’s gratifying to be included on the World’s Most Admired list for a sixteenth consecutive year,” said Craig S. Billings, CEO of Wynn Resorts. “ The ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Wynn Resorts (WYNN) , which belongs to the Zacks Gaming industry.When looking at the last two reports, this casino operator has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 51.87%, on average, in the last two quarters.For the most recent quarter, Wynn was expected to post earnings of $0.79 per share, but it re ...

LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts, Limited (NASDAQ: WYNN) announced today that it will release the Company’s financial results for the fourth quarter ended December 31, 2023 after the market close on Wednesday, February 7, 2024, followed by a conference call at 2:00 p.m. PT (5:00 p.m. ET). The call will be broadcast live at www.wynnresorts.com under the “Company Information” section. Interested parties may also dial (888) 455-5965 or, for international callers, (773) 799-3869. The conference call ac ...

Anne Czichos Above: Wow the customers and keep wowing them to build a fortress in the upscale customer segment no matter where you develop--Steve Wynn. Timeline: On November 27, we posted our view of Wynn Resorts, Limited (NASDAQ:WYNN) on Seeking Alpha, a day on which the stock traded at $86. Our call then: The stock is undervalued. Our price target ("PT") projected by the end of Q1 2024 was $120. Intrinsic value estimates by alpha spread were: Best case $221; base case $148; worse case $123. Thus Wynn ...

Wynn Resorts, Limited (NASDAQ:WYNN) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Julie Cameron-Doe - CFO Craig Billings - CEO Brian Gullbrants - President, Wynn Las Vegas, LLC Conference Call Participants Carlo Santarelli - Deutsche Bank Joe Greff - JPMorgan Shaun Kelley - Bank of America Dan Politzer - Wells Fargo Brandt Montour - Barclays Robin Farley - UBS Stephen Grambling - Morgan Stanley David Katz - Jefferies John DeCree - CBRE Securities Operator Welcome to the W ...

Financial Performance - Operating revenues for Q3 2023 reached $1,671.9 million, an increase of 87.9% compared to $889.7 million in Q3 2022[138]. - Net loss attributable to Wynn Resorts, Limited for Q3 2023 was $116.7 million, a decrease of 18.3% from a loss of $142.9 million in Q3 2022[138]. - The increase in operating revenues was primarily driven by increases of $449.5 million from Wynn Palace and $254.6 million from Wynn Macau due to higher gaming volumes and hotel occupancy[139]. - The nine-month operating revenues for 2023 were $4,691.4 million, reflecting a 70.5% increase from $2,751.9 million in the same period of 2022[138]. - Diluted net loss per share for Q3 2023 was $(1.03), an improvement from $(1.27) in Q3 2022[138]. - Total operating expenses for the three months ended September 30, 2023, increased by $666.6 million, or 70.7%, to $1,609.3 million compared to $942.7 million in 2022[150]. - Operating revenues for the nine months ended September 30, 2023, totaled $4,691.4 million, reflecting an increase of $1,939.5 million, or 70.5%, compared to $2,751.9 million in 2022[167]. - Casino revenues for the nine months ended September 30, 2023, were $2,652.4 million, representing a 119.3% increase from $1,209.3 million in 2022, accounting for 56.5% of total operating revenues[167]. - Non-casino revenues for the nine months ended September 30, 2023, were $2,038.99 million, a 32.2% increase from $1,542.57 million in 2022[167]. Revenue Breakdown - Total Macau Operations generated $819,789 in operating revenues, reflecting a 609.1% increase from $115,616 in 2022[141]. - Casino revenues increased by 170.2% to $972,453, up from $359,876 in the prior year, accounting for 58.2% of total operating revenues[141][146]. - Non-casino revenues rose by 32.0% to $699,483, compared to $529,846 in the same period last year[141]. - Room revenues in Macau Operations surged by 678.7% to $54,309, with an occupancy rate of 96.9% compared to 28.1% in 2022[146]. - Food and beverage revenues increased by $42.7 million, driven by higher restaurant covers at Macau Operations[147]. - Entertainment, retail, and other revenues grew by $34.8 million, attributed to higher business volumes in both Macau and Las Vegas Operations[148]. - Wynn Palace's total casino revenues reached $418,043, an increase of 821.6% from $45,361 in 2022[143]. - Wynn Macau's total casino revenues were $230,294, up 908.6% from $22,832 in the previous year[143]. - Las Vegas Operations reported total casino revenues of $168,130, a 25.2% increase from $134,314 in 2022[144]. Expenses and Losses - General and administrative expenses increased by $67.2 million, or 33.4%, primarily due to higher payroll and lease expenses[156]. - Impairment of goodwill and intangible assets amounted to $93.99 million, attributed to the closure of Wynn Interactive's WynnBET platform in certain jurisdictions[151]. - Interest expense increased by $23.3 million, with the weighted average interest rate rising to 6.18% from 5.41% year-over-year[159]. - The company reported a significant increase in impairment of goodwill and intangible assets, totaling $94,490,000, a 96.7% rise from $48,036,000[175]. - General and administrative expenses increased by $187,105,000, largely due to higher payroll and development costs[180]. Cash Flow and Investments - The company recorded cash flows from operating activities of $806.6 million for the nine months ended September 30, 2023, compared to a cash outflow of $153.0 million in the same period of 2022[201]. - Capital expenditures for the nine months ended September 30, 2023, totaled $329.4 million, with significant investments in Las Vegas Operations and other properties[205]. - The company purchased $786.5 million in investments during the nine months ended September 30, 2023, primarily in U.S. treasury bills and fixed deposits[205]. - Cash flows from financing activities for the nine months ended September 30, 2023, included proceeds from debt issuances totaling $1,200,000 and repayments/repurchases amounting to $1,522,812[207]. - As of September 30, 2023, total cash and cash equivalents amounted to $2,788,108, with investments of $791,676 and revolver borrowing capacity of $736,985[210]. Debt and Financing - The company issued $600.0 million in 4.50% convertible bonds due 2029, with net proceeds of $585.9 million intended for general corporate purposes[213]. - Fixed interest rate long-term debt obligations decreased by $300.0 million, resulting from $1.20 billion in debt issuances and $1.50 billion in debt repayments during the nine months ended September 30, 2023[231]. - The company declared a cash dividend of $0.25 per share for the quarters ended June 30, 2023, and September 30, 2023, totaling $28.5 million and $28.2 million, respectively[225]. - The WRF Credit Agreement was amended to transition the benchmark rate from LIBOR to Term SOFR and to reduce revolving commitments by $100.0 million, extending maturity dates to September 20, 2027[222]. - The company expects annual fixed interest payments to increase by $166.2 million thereafter, primarily due to the issuance of new senior notes and convertible bonds[231]. Market and Operational Insights - The Macau Operations experienced increased business volumes due to the relaxation of COVID-19 related restrictions, leading to improved performance in Q3 2023[139]. - VIP turnover in Macau Operations reached $8,202,165,000, up 414.6% from $1,593,761,000 in the previous year[169]. - Total room revenues in Macau Operations surged to $151,311,000, a 444.0% increase from $27,813,000 in 2022[172]. - The average daily rate (ADR) for room revenues in Macau Operations was $327, up 104.4% from $160 in 2022[172]. - Total slot machine win in Las Vegas Operations was $325,883,000, an increase of 17.1% from $278,250,000[170]. Foreign Currency and Interest Rate Management - The company recognized a foreign currency remeasurement gain of $3.9 million for the three months ended September 30, 2023, compared to a loss of $0.9 million in the same period of 2022[161]. - The company incurred a foreign currency remeasurement loss of $19.8 million for the nine months ended September 30, 2023, compared to a loss of $26.1 million in the same period of 2022[187]. - A 1% change in the U.S. dollar/Hong Kong dollar exchange rate would result in a foreign currency transaction gain/loss of $45.5 million based on balances as of September 30, 2023[241]. - Approximately 25% of the company's long-term debt was based on variable rates as of September 30, 2023[239]. - An assumed 100 basis point increase or decrease in applicable variable rates would change annual interest expense by $23.1 million[239]. - The company entered into an interest rate collar with a notional value of $615.0 million to mitigate exposure to interest rate fluctuations[240].

Financial Data and Key Metrics Changes - Wynn Resorts reported a property EBITDA run rate of $2.2 billion, surpassing the previous peak of $2 billion in 2018, indicating significant growth and diversification in the business [4] - Adjusted property EBITDAR for Wynn Las Vegas was $224.1 million on operating revenue of $578.1 million, resulting in an EBITDA margin of 38.8% [9] - The company generated adjusted property EBITDAR of $246.2 million in Macau, with an EBITDAR margin of 32%, reflecting a 280 basis point increase compared to Q2 2019 [13] Business Line Data and Key Metrics Changes - Wynn Las Vegas experienced a 3% year-over-year increase in hold-normalized EBITDA, with strong performance across casino, hotel, and retail sectors [5] - Encore Boston Harbor achieved an all-time property record with adjusted EBITDAR of $69.1 million, driven by strong growth in both gaming and non-gaming revenues [6][11] - Macau operations showed a 72% recovery to pre-COVID EBITDAR levels, with mass table drop increasing by 4% compared to Q2 2019 [6][7] Market Data and Key Metrics Changes - The mass table drop in Macau reached 120% of daily levels seen in 2019 during July, indicating a strong recovery in visitation and demand [7][36] - Retail sales in Macau increased by 47% relative to Q2 2019, showcasing robust performance in the non-gaming segment [7] - The company reported a strong liquidity position with approximately $4.7 billion in global cash and revolver availability as of June 30 [15] Company Strategy and Development Direction - Wynn Resorts is focusing on diversifying its business, with significant growth opportunities in the UAE market, which is described as the most exciting new gaming market in decades [4][8] - The company is advancing its East of Broadway expansion project in Boston and is deep into design and planning for concession-related CapEx commitments in Macau [6][8] - The management emphasized a commitment to returning capital to shareholders, highlighted by the approval of a cash dividend of $0.25 per share [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a clear path for growth and a strong consumer willingness to spend on luxury experiences [4] - The company is closely monitoring the impact of interest rates and inflation on its luxury consumer base but has not seen significant negative effects so far [5] - Management indicated that they are prepared for various economic scenarios and are focused on maintaining operational efficiency and cost discipline [39][71] Other Important Information - The company’s CapEx for the quarter was $92 million, primarily related to renovations and enhancements at Wynn Las Vegas [16] - The EBITDAR burn rate for Wynn Interactive decreased to $15 million, reflecting improved cost management and marketing efficiency [15] Q&A Session Summary Question: Insights on Macau's OpEx and Commissions - Management noted that the reduction in daily OpEx was due to efficient operations and that commissions and discounts remain player-specific without substantial changes [18][19] Question: Las Vegas Labor Contracts and Cost Discipline - Management discussed the importance of employee compensation and the ongoing negotiations for fair wages, emphasizing a commitment to maintaining a positive work environment [20][23] Question: Renovation Impact on Macau EBITDAR - Management acknowledged that renovations caused some disruption but highlighted strong visitation recovery, particularly in Cotai [24][25] Question: Future CapEx and OpEx Related to Concessions - Management clarified that the projected CapEx of $300 million to $400 million is for the 2023-2024 period and that more than half of the commitment is CapEx related [32][33] Question: Margins and Promotions in Macau - Management indicated that they do not expect margins to decrease in Macau and that the market has been disciplined regarding promotions [55][56] Question: Las Vegas Event Visibility and Demand Indicators - Management confirmed strong forward-looking demand indicators and expressed confidence in performance during major events like F1 and Super Bowl [64][66]