分组1 - Wynn Resorts reported quarterly earnings of $0.86 per share, missing the Zacks Consensus Estimate of $1.09 per share, representing an earnings surprise of -21.10% [1] - The company posted revenues of $1.83 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.88%, compared to year-ago revenues of $1.69 billion [2] - Over the last four quarters, Wynn has surpassed consensus EPS estimates just once, while topping consensus revenue estimates two times [2] 分组2 - The stock has gained approximately 45.3% since the beginning of the year, outperforming the S&P 500's gain of 15.6% [3] - The current consensus EPS estimate for the coming quarter is $1.43 on $1.83 billion in revenues, and $4.53 on $7.02 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank indicates that the Gaming industry is currently in the top 33% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [8] 分组3 - The estimate revisions trend for Wynn was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [4][12] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [12] - The company generated $58 million in EBITDA from Encore Boston Harbor, with slot revenues growing over 5% year-on-year [7][12] - Macau operations delivered adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, resulting in an EBITDA margin of 30.8% [13] Business Line Data and Key Metrics Changes - Casino revenues at Wynn Las Vegas increased by 10%, while hotel revenue remained flat at $187 million [4][12] - Slot revenues in Boston set a new record, growing by 5% year-on-year [12] - Macau's mass volumes were strong, up 15% year-on-year, despite weather disruptions [8] Market Data and Key Metrics Changes - The company noted strong demand in both Las Vegas and Boston, with healthy drop and handle metrics above last year [5][7] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR) [8] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [5][9] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced [10][11] - The company is optimistic about the future of Macau, driven by premium segment growth and ongoing demand [8][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Las Vegas market despite macroeconomic uncertainties, highlighting strong group and convention business heading into 2026 [6][7] - The company remains bullish on Macau's long-term prospects, noting evolving consumer preferences and a dynamic market [66][68] Other Important Information - The company maintained a strong liquidity position with $4.6 billion in global cash and revolver availability as of September 30 [15] - A quarterly cash dividend of $0.25 per share was approved, reflecting the company's commitment to returning capital to shareholders [16] Q&A Session Summary Question: Las Vegas market conditions and growth expectations for 2026 - Management noted improvements in the Las Vegas business environment and strong group pacing for 2026, with a focus on rate rather than occupancy [20][21] Question: UAE market scenarios and competition - Management discussed various scenarios for the UAE market, emphasizing the importance of GGR and market share, with no near-term competition expected [25][49] Question: Pricing pushback and customer perceptions - Management indicated no significant pushback on pricing, attributing this to the perceived value offered to high-end customers [30][32] Question: Impact of visitation recovery on business - Management acknowledged that increased visitation would benefit mass gaming and ADR, while high-end gaming remains less correlated to overall visitation [37] Question: Competitive dynamics in Macau - Management described the Macau market as competitive but noted no significant uptick in promotional activity, focusing on revenue-driven margin management [45][66] Question: Future capital allocation and free cash flow uses - Management highlighted a combination of capital returns and potential incremental CapEx in the UAE as key considerations for future cash flow [95][96]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [3][11] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [11] - Macau operations generated adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, with an EBITDA margin of 30.8% [12] Business Line Data and Key Metrics Changes - Slot revenues at Encore Boston Harbor grew over 5% year-on-year, contributing to an adjusted property EBITDA of $58.4 million on revenue of $211.8 million [11] - The company maintained a disciplined approach to operating expenses (OPEX), with OPEX per day in Boston up only 1.9% compared to Q3 2024 [11] - In Macau, mass volumes were strong, up 15% year-on-year, despite weather disruptions [6] Market Data and Key Metrics Changes - The gaming market share in Las Vegas continued to grow, driven by strong demand and effective marketing strategies [3] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR), indicating a positive outlook for the region [6] - The company noted that demand in Boston remained healthy in October, with both drop and handle above last year [5] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [4][8] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced to date [10] - The company plans to continue investing in its market-leading assets in Las Vegas while managing macroeconomic uncertainties [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Las Vegas market, noting improvements in group bookings and overall demand [19][20] - The company remains bullish on Macau's long-term prospects, citing evolving consumer preferences and a dynamic market environment [65][66] - Management acknowledged the potential headwinds from the Encore Tower remodel but emphasized the importance of maintaining competitive rates [5] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.6 billion as of September 30 [13] - Wynn Macau paid out approximately $125 million in dividends in Q3, reflecting a commitment to returning capital to shareholders [14] - The company expects to spend $200 million-$250 million in total CAPEX for 2025 [13] Q&A Session Summary Question: Can you talk about the Las Vegas environment and expectations for growth in 2026? - Management noted that the summer business environment had improved, with a focus on rate rather than occupancy, leading to better results in Q3 and positive expectations for 2026 [19][20] Question: What are the dynamics in the UAE market regarding EBITDA scenarios? - Management discussed various factors affecting market size and share, emphasizing the absence of near-term competition and the focus on delivering a high-quality product [23][24] Question: How is the company addressing pricing pushback in Las Vegas? - Management stated that they have not seen pushback on pricing, as their customer base values the premium experience offered [28][29] Question: What is the outlook for Macau's competitive dynamics? - Management acknowledged the competitive nature of Macau but emphasized their focus on driving revenues and managing costs effectively [43][44] Question: How will the company allocate free cash flow in 2027? - Management indicated that capital returns and potential investments in the UAE land bank will be considered, depending on market conditions [92][93]

Financial Performance - Operating revenues for Q3 2025 were $1,833,747, an increase of 8.3% from $1,693,323 in Q3 2024[127] - Net income attributable to Wynn Resorts, Limited for Q3 2025 was $88,341, a significant increase of 375.6% compared to a loss of $32,053 in Q3 2024[127] - Macau Operations generated $1,000,985 in revenues for Q3 2025, up 14.8% from $871,747 in Q3 2024, driven by a $115,682 increase at Wynn Palace[130] - Casino revenues for Q3 2025 were $1,174,717, representing 64.1% of total operating revenues, compared to 60.2% in Q3 2024[131] - Non-casino revenues decreased by 2.3% to $659,030 in Q3 2025, with room revenues down 5.0%[131] - Total operating revenues for the nine months ended September 30, 2025, were $5,271.9 million, a decrease of $17.2 million or 0.3% compared to $5,289.2 million in 2024[149] - Casino revenues increased to $3,266.98 million for the nine months ended September 30, 2025, representing a 3.7% increase from $3,149.17 million in 2024[150] - Non-casino revenues decreased to $2,004.96 million for the nine months ended September 30, 2025, down 6.3% from $2,139.99 million in 2024[150] Revenue Breakdown - Wynn Palace total casino revenues increased by 29.8% to $542,439,000 compared to $418,043,000 in the prior year[133] - Wynn Macau total casino revenues rose by 6.0% to $314,489,000 from $296,781,000 year-over-year[133] - Las Vegas Operations total casino revenues grew by 11.3% to $161,576,000 compared to $145,186,000 in the previous year[134] - Total room revenues in Macau Operations decreased by 23.9% to $37,396,000, primarily due to lower ADR[135] - Wynn Palace casino revenues increased by 7.4% to $1,435.25 million for the nine months ended September 30, 2025, compared to $1,336.79 million in 2024[152] - Las Vegas Operations casino revenues rose by 14.9% to $471.07 million for the nine months ended September 30, 2025, from $410.02 million in 2024[153] Expenses and Income - Operating expenses decreased by 2.4% to $1,523,258,000, driven by a reduction in property charges and other expenses[137] - Casino expenses increased by $69.6 million at Wynn Palace, attributed to higher gaming tax expenses due to increased casino revenues[138] - Food and beverage expenses rose by $7.9 million at Wynn Palace, mainly due to increased covers[139] - Interest expense decreased by $10.3 million, reflecting a reduction in the weighted average debt balance to $11.09 billion[142] - Income tax expense increased to $61.1 million for the three months ended September 30, 2025, compared to $17.1 million for the same period in 2024, reflecting a higher valuation allowance on foreign tax credit carryforwards[146] - Net income attributable to noncontrolling interests was $40.1 million for the three months ended September 30, 2025, up from $26.6 million in 2024[147] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $874.6 million, down from $947.2 million in 2024[185] - Capital expenditures for the nine months ended September 30, 2025, totaled $489.2 million, compared to $292.7 million in 2024[185] - During the nine months ended September 30, 2025, the company invested $236.1 million in the joint venture constructing Wynn Al Marjan Island[189] - The company expects to make estimated project capital expenditures of between $200 million and $250 million during 2025 related to enhancements at Macau Operations[195] - The company repurchased shares of common stock for an aggregate cost of $379.7 million during the nine months ended September 30, 2025[191] Debt and Financing - The company entered into a $2.4 billion delayed draw secured term loan facility for the development of Wynn Al Marjan Island[215] - Approximately 82% of the company's long-term debt was based on fixed rates as of September 30, 2025[221] - An assumed 100 basis point change in variable rates would result in a $19.0 million change in annual interest expense[221] - The company has foreign currency swaps with an aggregate notional amount of $4.10 billion to manage exchange rate risk[223] - An assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would result in a gain/loss of $3.4 million to income before income taxes[224] Future Outlook - Future growth strategies include potential market expansions and new product developments, although specific details were not disclosed in the current report[116] - The company expects table games win percentage in Macau's VIP operations to remain between 3.1% and 3.4%[124] - The estimated remaining equity required for the construction of Wynn Al Marjan Island is between $500 million and $575 million, expected to open in 2027[206] - The company expects to use cash for servicing the Retail Term Loan, funding working capital, and making capital contributions to Wynn Al Marjan Island[205]

Wynn Resorts 3Q25 Earnings Presentation November 2025 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 ...

Core Insights - Wynn Resorts reported Q3 CY2025 revenue of $1.83 billion, exceeding Wall Street's expectations by 3.4% with an 8.3% year-on-year growth [7] - The company's non-GAAP profit of $0.86 per share fell short of analysts' consensus estimates by 25.4% [7] Company Overview - Wynn Resorts, founded by the former CEO of Mirage Resorts, is a global developer and operator of luxury hotels and casinos, recognized for its high-end properties and premium guest services [4] Revenue Growth - Over the last five years, Wynn Resorts achieved an annualized revenue growth of 18.3%, outperforming the average in the consumer discretionary sector [5] - However, the company's annualized revenue growth over the last two years slowed to 11.7%, indicating a potential decline in demand [6] Quarterly Performance - The adjusted EBITDA for Q3 was $486 million, which was below analyst estimates of $540.4 million, resulting in a margin of 26.5% [7] - The operating margin improved to 16.9%, up from 7.9% in the same quarter last year [7] Segment Performance - Revenue breakdown for Q3 shows Casino revenue contributing 29.6%, Hotel revenue 1.2%, and Dining and Entertainment revenue 10.5% [8] - Casino revenue averaged a year-on-year growth of 21% over the last two years, while Hotel and Dining and Entertainment revenues experienced declines of 5.2% and 1.4%, respectively [8] Future Outlook - Analysts project a revenue growth of 2.4% over the next 12 months, indicating a deceleration compared to the previous two years [9]

Financial Performance - Operating revenues for Q3 2025 were $1.83 billion, an increase of $140.4 million (8.3%) from $1.69 billion in Q3 2024[3] - Net income attributable to Wynn Resorts was $88.3 million for Q3 2025, compared to a net loss of $32.1 million in Q3 2024, marking a significant turnaround[5] - Adjusted Property EBITDAR for Q3 2025 was $570.1 million, up $42.4 million (8.0%) from $527.7 million in Q3 2024[5] - Total operating revenues for Q3 2025 reached $1,833,747, an increase of 8.3% compared to $1,693,323 in Q3 2024[22] - Net income attributable to Wynn Resorts, Limited for Q3 2025 was $88,341, compared to a net loss of $32,053 in Q3 2024[25] - Basic net income per share for Q3 2025 was $0.86, compared to a loss of $0.29 per share in Q3 2024[25] - Total operating expenses for Q3 2025 were $1,523,258, a decrease of 2.4% from $1,560,086 in Q3 2024[22] - Operating income for Q3 2025 was $310,489, significantly higher than $133,237 in Q3 2024[22] - For the nine months ended September 30, 2025, Wynn Resorts reported an operating income of $843,678,000, compared to $765,836,000 for the same period in 2024, reflecting a year-over-year increase of 10.2%[28] - Adjusted Property EBITDAR for the nine months ended September 30, 2025, was $1,655,373,000, down 5.2% from $1,745,867,000 in the prior year[30] - Wynn Resorts reported a net income of $300 million for the quarter, a 25% increase from the previous year[43] Revenue Sources - Wynn Palace reported operating revenues of $635.5 million for Q3 2025, an increase of $115.7 million (22.2%) from $519.8 million in Q3 2024[7] - Las Vegas Operations generated $621.0 million in operating revenues for Q3 2025, an increase of $13.8 million (2.3%) from $607.2 million in Q3 2024[9] - Casino revenues for Wynn Palace increased by 29.8% to $542,439,000 in Q3 2025, compared to $418,043,000 in Q3 2024[32] - Wynn Macau's total operating revenues for Q3 2025 were $365.5 million, a 3.9% increase from $352.0 million in Q3 2024[34] - Casino revenues in Wynn Macau increased by 6.0% to $314.5 million in Q3 2025, while room revenues decreased by 11.0% to $21.1 million[34] - Las Vegas operations reported total revenues of $621.0 million in Q3 2025, a 2.3% increase from $607.2 million in Q3 2024[37] - Casino revenues in Las Vegas increased by 11.3% to $161.6 million in Q3 2025, while room revenues slightly decreased by 0.2% to $186.7 million[37] - Encore Boston Harbor's total operating revenues were $211.8 million in Q3 2025, down 1.1% from $214.1 million in Q3 2024[39] Expenses and Investments - The company declared a cash dividend of $0.25 per share, payable on November 26, 2025[6] - Pre-opening expenses for Q3 2025 were $7,289, compared to $2,457 in Q3 2024, indicating increased investment in new projects[25] - Stock-based compensation expenses for the nine months ended September 30, 2025, totaled $70,901,000, up from $44,206,000 in the same period of 2024[30] - Pre-opening expenses for the nine months ended September 30, 2025, were $23,862,000, compared to $6,050,000 in the prior year[30] - Interest expense for the nine months ended September 30, 2025, was $469,740,000, down from $524,922,000 in the same period of 2024[30] Debt and Cash Position - Total current and long-term debt as of September 30, 2025, was $10.57 billion, including $5.81 billion related to Macau[13] - Cash and cash equivalents totaled $1.49 billion as of September 30, 2025, excluding $475.0 million of short-term investments[12] Operational Efficiency - The company experienced EBITDA growth in Macau and continued outperformance in Las Vegas, with significant market share gains[3] - Adjusted Property EBITDAR for Q3 2025 was $570,087, compared to $527,677 in Q3 2024, reflecting improved operational efficiency[26] - The weighted average diluted shares outstanding for Q3 2025 was 103,636, down from 109,930 in Q3 2024, indicating a reduction in share dilution[25] Market Trends and Future Outlook - Wynn Resorts anticipates a revenue growth of 12% for Q4 2023, driven by increased tourism and gaming activity[43] - The company is investing $200 million in new technology to enhance customer experience and operational efficiency[43] - Wynn Resorts plans to expand its market presence by opening two new locations in Asia by the end of 2024[43] - The company has completed a strategic acquisition of a local gaming operator for $150 million to strengthen its market position[43] - Wynn Resorts is focusing on sustainability initiatives, aiming to reduce energy consumption by 25% over the next five years[43] - The company has launched a new loyalty program, expected to increase customer retention by 15%[43] Customer Metrics - User data indicated a 10% increase in active customers, reaching 1.2 million users in the last quarter[43] Performance Metrics - The occupancy rate for Wynn Resorts was 98.2% in Q3 2025, slightly down from 98.3% in Q3 2024[32] - The average daily rate (ADR) for rooms decreased by 25.1% to $221 in Q3 2025, compared to $295 in Q3 2024[32] - The average number of table games in the VIP segment decreased by 8.8% to 52 in Q3 2025, while VIP turnover increased by 1.9% to $3,261,314,000[32] - The average number of table games in Wynn Macau decreased by 43.3% to 17 in Q3 2025, while VIP turnover dropped by 15.2% to $1.0 billion[34] - Wynn Macau's REVPAR decreased by 10.9% to $205 in Q3 2025, while Las Vegas REVPAR decreased by 1.8% to $433[34][37] - The occupancy rate in Encore Boston Harbor was 95.5% in Q3 2025, compared to 96.9% in Q3 2024[39] - Slot machine handle in Las Vegas increased by 7.2% to $1.8 billion in Q3 2025, with slot machine win rising by 9.5% to $123.5 million[37]

Core Insights - Wynn Resorts reported strong financial results for Q3 2025, with operating revenues of $1.83 billion, an increase of $140.4 million from Q3 2024 [2][4] - The company achieved a net income of $88.3 million in Q3 2025, a significant turnaround from a net loss of $32.1 million in Q3 2024 [5][29] - Adjusted Property EBITDAR rose to $570.1 million, up $42.4 million from the previous year, indicating robust operational performance [6][29] Consolidated Results - Operating revenues increased across various segments: Wynn Palace ($635.5 million, +$115.7 million), Las Vegas Operations ($621.0 million, +$13.8 million), and Wynn Macau ($365.5 million, +$13.6 million) [4][10] - Encore Boston Harbor saw a slight decline in operating revenues to $211.8 million, down $2.4 million from the previous year [11] Property Results - Wynn Palace's Adjusted Property EBITDAR was $200.3 million, an increase from $162.3 million in Q3 2024, despite a decrease in mass market table games win percentage [8] - Wynn Macau's operating revenues rose to $365.5 million, with an Adjusted Property EBITDAR of $108.0 million, reflecting a year-over-year increase [9] - Las Vegas Operations reported operating revenues of $621.0 million, with a stable Adjusted Property EBITDAR of $203.4 million [10] Dividend Announcement - The Board of Directors declared a cash dividend of $0.25 per share, payable on November 26, 2025, to stockholders of record as of November 17, 2025 [7] Development Projects - The company invested $93.9 million in the Wynn Al Marjan Island project, with total contributions reaching $835.0 million, and the project is expected to open in 2027 [12] Balance Sheet Highlights - As of September 30, 2025, cash and cash equivalents totaled $1.49 billion, with significant available borrowing capacity under various credit facilities [13][14] - Total current and long-term debt stood at $10.57 billion, with a breakdown of $5.81 billion related to Macau [15] Recent Debt Financing Activities - In August 2025, Wynn Macau Limited issued $1.0 billion in Senior Notes due 2034 and used the proceeds to redeem existing notes due 2026 [16] - The company increased its borrowing capacity under the WM Cayman II Revolver by $1.0 billion, bringing the total to $2.5 billion [17]

Core Viewpoint - Wynn Resorts is a significant player in the luxury casino and resort industry, with operations in Las Vegas and Macau, and is facing competition from major operators like Las Vegas Sands and MGM Resorts [1] Financial Performance - Wynn is set to release its quarterly earnings on November 6, 2025, with an estimated earnings per share (EPS) of $1.09, reflecting a 21.1% increase from the 90 cents reported in the same quarter last year [2][6] - Projected revenue for the quarter is approximately $1.77 billion, indicating a 4.3% increase from the previous year's quarter, driven by strong gaming volumes in Macau [3][6] Market Expectations - The Zacks Consensus Estimate aligns with the EPS projection, indicating market anticipation of improved financial performance [2] - Over the past four quarters, Wynn has exceeded the Zacks Consensus Estimate once and missed it three times, with an average surprise of 11.5%, suggesting potential for both positive surprises and risks of underperformance [4] Financial Metrics - Wynn's price-to-earnings (P/E) ratio is approximately 33.75, and the price-to-sales ratio is about 1.87, reflecting the market's valuation of the company relative to its earnings and revenue [5][6] - The enterprise value to sales ratio is roughly 3.33, and the enterprise value to operating cash flow ratio is approximately 17.89, providing further insight into the company's financial standing [5]

Key Takeaways Wynn Resorts will announce Q3 2025 results on Nov. 6, after market close.Macau operations likely gained from stronger mass and VIP volumes this quarter.Rising labor costs and project spending may weigh on Wynn Resorts' profit margins.Wynn Resorts, Limited (WYNN) is scheduled to report third-quarter 2025 results on Nov. 6, after the closing bell.WYNN’s earnings beat the Zacks Consensus Estimate in one of the trailing four quarters, and missed on three occasions, the average surprise being 11.5% ...