Wynn Resorts, Limited (WYNN) will likely benefit from solid Macau performance, non-gaming businesses and development projects. Also, a focus on enhancing shareholder value bodes well. However, increased operating expenses are a concern.Let us discuss the factors that highlight why investors should retain the stock.Factors Likely to Drive Growth of WYNN StockWynn Resorts has been benefitting from solid Macau performance. In the third quarter, Wynn Resorts generated $263 million in EBITDA from Macau, a 3% yea ...

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The new Wynn Casino and Lisboa Casino in Macao , China.Wynn's share price popped 9% Thursday on the news, in line with its 200-day moving average. Over 20 years, the stock has exhibited lots of volatility, but not as much sustained growth.The filing indicates a passive position, though multiple people familiar with the matter tell CNBC they suspect Fertitta will be demanding.Billionaire Tilman Fertitta has increased his ownership stake in Wynn Resorts to 9.9%, according to a filing with the Securities and E ...

Wynn is losing market share in Macao, the biggest gaming market in the world. Competition is heating up in the gambling market, and it's taking a toll on Wynn Resorts (WYNN -1.27%) stock. Shares fell earlier this week after the company said it had disappointing results in Macao and is spending heavily on uncertain resort expansions around the world. Travis Houm covers what you need to know in this video. *Stock prices used were end-of-day prices of Nov. 5, 2024. The video was published on Nov. 5, 2024. ...

Key TakeawaysWynn Resorts shares tumbled Tuesday after the casino operator missed third-quarter profit and sales forecasts.The weaker-than-expected results came as Wynn's Las Vegas operations slowed.Wynn also invested $18.2 million in its site under construction in the United Arab Emirates. Shares of Wynn Resorts (WYNN) slumped Tuesday after the hotel and casino operator posted third-quarter results that missed analysts' estimates as its Las Vegas operations slowed. The company reported a third-quarter loss ...

Wynn Resorts, Limited (WYNN) reported lower-than-expected third-quarter 2024 results wherein adjusted earnings and operating revenues missed the Zacks Consensus Estimate. On a year-over-year basis, the top line grew while the bottom line declined.See the Zacks Earnings Calendar to stay ahead of market-making news.The quarter’s results reflect demand across its resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. However, increased casino and rooms expenses, a ...

Wynn Resorts (WYNN) reported $1.69 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 1.3%. EPS of $0.90 for the same period compares to $0.99 a year ago.The reported revenue represents a surprise of -2.39% over the Zacks Consensus Estimate of $1.73 billion. With the consensus EPS estimate being $1.17, the EPS surprise was -23.08%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Financial Data and Key Metrics - Adjusted property EBITDA at Wynn Las Vegas was $202.7 million on $607.2 million of operating revenue, with an EBITDA margin of 33.4% [19] - EBITDA in Las Vegas was essentially flat year-over-year, impacted by lower-than-normal table games hold, which reduced EBITDA by around $2 million in Q3 2024 [20] - In Boston, adjusted property EBITDA was $63 million, up 4% year-on-year, with an EBITDA margin of 29.4% [22] - Macau operations delivered adjusted property EBITDA of $262.9 million on $871.7 million of operating revenue, with an EBITDA margin of 30.2%, up 210 basis points compared to Q3 2019 [23][24] - Global cash and revolver availability stood at $3.5 billion as of September 30, with $1.7 billion in Macau and $1.8 billion in the U.S. [26] - The company reduced gross debt by $1.2 billion year-on-year, resulting in approximately $70 million of annualized interest expense savings [27] - Trailing 12-month property EBITDA across all markets was nearly $2.4 billion, with a consolidated net leverage ratio of just over 4 times [28] Business Line Performance - In Las Vegas, hotel revenue grew by 5%, slot handle by 4%, and table drop remained healthy despite tough year-over-year comps [6] - Boston's Encore generated $63 million of EBITDAR, up 4% year-on-year, with slot handle up 3%, table drop up 1%, and non-gaming revenue up 2% [8] - Macau's EBITDA grew 3% year-on-year to $263 million, with operating revenue up 6%, driven by a 10% increase in combined mass table and slot win [9] - Macau's mass table drop increased almost 30% during the Golden Week holiday period compared to the previous year [14] Market Performance - Las Vegas demand remained healthy, with strong growth in slot handle, table drop, and non-gaming demand in Q4 [6] - Macau's competitive environment remains intense, but the company is focusing on maximizing EBITDA rather than market share [10] - The UAE gaming market is projected to be a $3 billion to $5 billion market, with Wynn Al Marjan Island progressing rapidly, reaching the 24th floor of the hotel tower [16][17] Strategic Direction and Industry Competition - The company is investing in high-ROI developments, including Wynn Al Marjan Island in the UAE, and exploring greenfield opportunities in gateway cities [17][18] - In Macau, the company is revitalizing the Chairman's Club, enhancing loyalty programs, and investing in concession-related CapEx, including an event center and production show [12][13] - The company is focusing on luxury positioning and unique programming to appeal to affluent customers, ensuring resilience in competitive markets [8][16] Management Commentary on Operating Environment and Future Outlook - Management remains bullish on the long-term outlook for Macau, citing strong mass table drop and 99% hotel occupancy in October [14][15] - The company is confident in its ability to compete profitably in Macau through continued investment in market-leading assets and 5-star service [13] - In Las Vegas, the high-end consumer demand remains stable, with retail lease revenue up 3.5% year-over-year in Q3 [37] - The company expects strong operating leverage in Macau as the market continues to grow [24] Other Important Information - The Board increased the share repurchase authorization to $1 billion, highlighting the commitment to returning capital to shareholders [5][30] - CapEx in Q3 was $101 million, primarily related to villa renovations and food and beverage enhancements at Wynn Las Vegas, concession-related CapEx in Macau, and maintenance across the business [31] - The company contributed $18.2 million of equity to the Wynn Al Marjan Island project, bringing the total equity contribution to $532.6 million [32] Q&A Session Summary Question: Outlook for 2025 across regions and cost increases [34] - Management does not manage to margins but aggressively manages revenues and costs, focusing on demand in Las Vegas and Macau [35] - In Las Vegas, the high-end consumer remains stable, with retail lease revenue up 3.5% year-over-year in Q3 [37] - In Macau, the competitive environment is intense, but the company is focusing on EBITDA rather than market share [40] Question: Impact of Super Bowl comps in Las Vegas [41] - Management did not provide specific numbers but noted that Q4 and F1 are shaping up well, with strong room rates and a later booking window for F1 [41] Question: Competitive pressures in Macau [43] - Competitive pressures in Macau are stable to slightly better compared to the beginning of the summer, but the market remains very competitive [44] Question: Performance of Wynn Macau [48] - Wynn Macau's strong performance is attributed to execution and improvements in the physical and food and beverage experience [48][49] Question: High-end table play trends in Las Vegas [50] - The company has diversified its casino business to reduce exposure to extreme high-end volatility, with steady table drop and strong slot handle growth [52][53] Question: Gaming revenue decline in Las Vegas [56] - The decline in gaming revenue in Las Vegas is attributed to hold normalization and higher ADRs, with no broader trend observed [56][57] Question: Group business outlook for Q4 and 2025 [58] - Group business remains healthy, with a record year in room nights expected for 2024 and 2025 pacing similarly, with a focus on rate [59][60] Question: Capital allocation and CapEx needs [62] - The company opportunistically repurchases shares and balances liquidity needs between growth, debt management, and returning capital [63] - CapEx in Las Vegas includes villa renovations and food and beverage enhancements, with total project CapEx expected to be around $300 million [65][66] Question: RevPAR and smart tables in Macau [70] - RevPAR in Macau is not a significant indicator due to high occupancy levels, and smart tables are expected to be fully rolled out by Chinese New Year 2025 [70][71] Question: Impact of stimulus in Macau [74] - It is too early to assess the impact of stimulus in Macau, but demand during Golden Week was encouraging [74] Question: Macau CapEx guidance reduction [76] - The reduction in Macau CapEx guidance is due to timing and government approvals, with no change in competitive dynamics [76][77] Question: New York licensure process and iGaming legislation [79] - The company is cautious about iGaming legislation due to potential revenue declines and regulatory blowback, particularly for land-based gaming employees [79][80][81]

Wynn Resorts (WYNN) came out with quarterly earnings of $0.90 per share, missing the Zacks Consensus Estimate of $1.17 per share. This compares to earnings of $0.99 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -23.08%. A quarter ago, it was expected that this casino operator would post earnings of $1.23 per share when it actually produced earnings of $1.12, delivering a surprise of -8.94%. Over the last four quarters, the ...

Financial Performance - Operating revenues for Q3 2024 were $1,693,323, a 1.3% increase from $1,671,936 in Q3 2023[98]. - Net loss attributable to Wynn Resorts, Limited decreased by 72.5% to $(32,053) in Q3 2024 from $(116,678) in Q3 2023[100]. - Total operating revenues for the nine months ended September 30, 2024, increased by $597.7 million, or 12.7%, to $5.29 billion compared to $4.69 billion for the same period in 2023[124]. - Operating revenues for the three months ended September 30, 2024, were $1,018,754, an increase of $46,301 or 4.8% compared to $972,453 for the same period in 2023[102]. Revenue Breakdown - Casino revenues accounted for 60.2% of total operating revenues in Q3 2024, up from 58.2% in Q3 2023[102]. - Non-casino revenues decreased to $674,569, down $24,914 or 3.6% from $699,483 in the prior year[102]. - Wynn Macau's operating revenues increased by $56.9 million due to higher gaming volumes, while Wynn Interactive's revenues decreased by $22.5 million following its closure[99]. - Total Macau Operations generated $871,747 in revenues, a 6.3% increase from $819,789 in Q3 2023[101]. - Las Vegas Operations reported revenues of $607,172, down 1.9% from $618,966 in Q3 2023[101]. - Encore Boston Harbor's revenues increased by 1.8% to $214,121 from $210,403 in Q3 2023[101]. Casino Performance - Wynn Macau's total casino revenues increased by $66,487 or 28.9% to $296,781 compared to $230,294 in Q3 2023[104]. - Las Vegas Operations saw a decline in total casino revenues to $145,186, a decrease of $22,944 or 13.6% from $168,130 in the same quarter last year[106]. - Total casino revenues for Wynn Palace increased to $1,336,788, a 26.8% increase from $1,054,007[127]. - Total casino revenues for Wynn Macau reached $923,851, marking a 42.2% increase from $649,627[127]. - Total casino revenues in Las Vegas decreased to $410,023, a decline of 11.0% from $460,606[129]. Expenses and Costs - Total operating expenses decreased by $49.3 million, or 3.1%, to $1.56 billion, primarily due to goodwill and intangible asset impairments recognized in the previous year[110]. - Total operating expenses increased by $314.3 million, or 7.5%, from $4,208.99 million to $4,523.33 million, primarily due to higher business volumes[134]. - Casino expenses rose by $162.9 million at Wynn Palace and $135.7 million at Wynn Macau, driven by increased gaming tax expenses of $141.8 million and $121.9 million, respectively[135]. - Room expenses increased by $17.7 million in Las Vegas Operations, correlating with higher room revenues[135]. - Food and beverage expenses grew by $23.8 million in Las Vegas and $17.2 million in Macau, reflecting higher operating costs related to increased revenues[136]. Cash Flow and Capital Expenditures - Cash flows from operating activities for the nine months ended September 30, 2024, increased to $947.2 million, up from $806.6 million in the same period of 2023, reflecting growth in revenues from Macau and Las Vegas operations[157]. - Capital expenditures during the nine months ended September 30, 2024, totaled $106.0 million at Las Vegas Operations, $72.1 million at Wynn Palace, $38.8 million at Wynn Macau, and $27.5 million at Encore Boston Harbor, primarily for maintenance[161]. - The company invested $455.0 million in the joint venture constructing Wynn Al Marjan Island during the nine months ended September 30, 2024[161]. Debt and Financing - Proceeds from the issuance of long-term debt amounted to $1.28 billion for the nine months ended September 30, 2024, while repayments totaled $1.25 billion[163]. - The company repurchased 2,206,113 shares of common stock for an aggregate cost of $185.7 million during the nine months ended September 30, 2024[163]. - Long-term debt obligations decreased by $55.8 million in 2024, with expected annual fixed interest payments decreasing by $12.8 million in 2024[189]. - Approximately 79% of long-term debt was based on fixed rates as of September 30, 2024, with a 100 basis point change in variable rates affecting annual interest expense by $19.2 million[194]. - The company entered into an interest rate swap with a notional value of $600 million, fixing the variable component of the interest rate on the Retail Term Loan at 3.385% through February 2027[195]. Future Outlook and Strategies - Future growth strategies may include market expansion and new product development, although specific details were not disclosed in the summary[88]. - The company is focusing on enhancing gaming volumes at Wynn Macau while addressing the decline in Las Vegas operations due to lower gaming volumes[103].