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].

Exhibit 99.1 Wynn Resorts, Limited Reports Third Quarter 2024 Results LAS VEGAS, November 4, 2024 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2024. Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net ...

Wynn Resorts, Limited (WYNN) is scheduled to release third-quarter 2024 results on Nov. 4, 2024, after the closing bell. In the previous quarter, the company’s earnings missed the Zacks Consensus Estimate by 8.9%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.WYNN’s Q3 Earnings EstimatesThe Zacks Consensus Estimate for the third-quarter bottom line is pegged at $1.17, indicating a surge of 18.2% from 99 cents in the year-ago quarter. In the past 30 days, earnings estimates have remai ...

Analysts on Wall Street project that Wynn Resorts (WYNN) will announce quarterly earnings of $1.17 per share in its forthcoming report, representing an increase of 18.2% year over year. Revenues are projected to reach $1.73 billion, increasing 3.8% from the same quarter last year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this p ...

Event Overview - Wynn Las Vegas announces the second year of "Ultimate Race Week" programming anchored by the Las Vegas Grand Prix, running from November 20 to November 24, 2024 [1] - The 2023 event received overwhelmingly positive feedback, prompting the company to raise the bar for the 2024 edition [1] Key Events and Programming - **amfAR Gala**: An exclusive benefit hosted by amfAR on November 22, featuring a red carpet, a performance by Diana Ross, and honoring Sylvester and Jennifer Stallone with the amfAR Award of Inspiration [1] - **Ultimate Fan Experience**: A daytime event on November 22 and 23, featuring team appearances, live entertainment, and local food trucks [1] - **Golf Outing**: An invite-only golf tournament at Wynn Golf Club on November 20 [1] - **Pop-Up Events**: Exclusive takeovers throughout the week, including LOUIS XIII Cognac's pop-up retail experience and Lewis Hamilton's Almave non-alcoholic spirit at Eastside Lounge [1] - **Nightlife**: XS Nightclub will host Marshmello, The Chainsmokers, Swedish House Mafia, and Black Coffee, with special late-night sets by Diplo and Gordo [1] - **Retail Experiences**: Limited-time events by Watches of Switzerland and Eden Gallery, featuring private client dinners, short-film debuts, and artist celebrations [1] - **Car Enthusiast Activations**: The Drive to Wynn podcast, TWR Supercat showcase, and Bugatti's ultra-exclusive experience, including a parade lap around the Las Vegas Strip Circuit [1] Accommodation and Packages - Wynn Las Vegas offers room and ticket packages, including the Paddock Club™ Package, Grand Fan Package, and Wynn Grid Club Package [1] Company Background - Wynn Resorts has received more Forbes Travel Guide Five Star Awards than any other independent hotel company and was honored on FORTUNE Magazine's World's Most Admired Companies list in 2024 [2] - Wynn and Encore Las Vegas consist of two luxury hotel towers with 4,748 rooms, 194,000 square feet of casino space, 20 signature dining experiences, and extensive leisure facilities, including an 18-hole championship golf course [2] Media Contact - Media inquiries can be directed to Wynn Las Vegas at 702-770-2120 or via email [3]

Wynn Resorts (WYNN, Financial) saw its stock rise by over 2.2% in early trading, hitting a peak of $107.81. The company announced that it has received the first-ever commercial gaming operator license in the United Arab Emirates. Wynn is developing a significant integrated resort on Wynn Al Marjan Island, marking the first casino in the Middle East and North Africa region. This extensive project is expected to cost several billion dollars and aims to open to the public by early 2027. ...

Wynn Resorts Ltd (NASDAQ:WYNN) stock is continuing its recent rally, up 1.1% at $106.60, after Friday's announcement that the company received the first commercial gaming operator license in the United Arab Emirates (UAE). This is a major step in the right direction for the casino operator as it continues to build its billion-dollar resort in Ras Al Khaimah. WYNN is already up 39% in the last month, now headed for its seventh daily gain in the last eight trading sessions and continuing an extended bounce of ...