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Wynn Resorts(WYNN) - 2024 Q4 - Annual Report
2025-02-13 22:00
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]
Wynn Resorts(WYNN) - 2024 Q4 - Annual Results
2025-02-13 21:05
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 ...
Do You Roll the Dice on This Casino Stock?
Schaeffers Investment Research· 2025-02-13 20:07
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 Gears Up for Q4 Earnings: Things to Keep in Mind
ZACKS· 2025-02-11 15:40
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 ...
Analysts Estimate Wynn Resorts (WYNN) to Report a Decline in Earnings: What to Look Out for
ZACKS· 2025-02-06 16:06
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 ...
Wynn Resorts Continues to Be Recognized on FORTUNE Magazine's 2025 List of the World's Most Admired Companies
Prnewswire· 2025-02-03 18:00
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: A More Mixed Q4 Industry Outlook
Seeking Alpha· 2025-01-23 21:29
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 ...
Here's Why Investors Should Retain Wynn Resorts Stock Now
ZACKS· 2024-11-21 14:10
Core Viewpoint - Wynn Resorts, Limited (WYNN) is expected to benefit from strong performance in Macau, growth in non-gaming businesses, and ongoing development projects, although rising operating expenses present a concern [1][9]. Group 1: Growth Drivers - Wynn Resorts reported $263 million in EBITDA from Macau in Q3, marking a 3% year-over-year increase, with operating revenues growing by 6% due to a 10% rise in combined mass table and slot win [3]. - October saw a significant increase in mass table drop, with a nearly 30% surge compared to the previous year, and hotel occupancy reached 99% during the Golden Week holiday [3]. - The company is enhancing its food and beverage offerings in Macau, including new venues and a destination food hall set to launch in mid-2025, which are expected to drive future growth [4]. - Las Vegas operations showed sustained demand with normalized revenues up by about 1% year-over-year, and hotel revenues increased by 5% [5]. - The Wynn Al Marjan Island project in the UAE is anticipated to tap into a projected $3 billion to $5 billion gaming market, with construction progressing rapidly [6]. Group 2: Shareholder Value - Wynn Resorts has increased its share repurchase authorization to $1 billion and declared a cash dividend of 25 cents per share, reflecting management's confidence in the company's valuation [7]. - The company reduced gross debt by $1.2 billion year-over-year, resulting in annual interest expense savings of $70 million, which strengthens its balance sheet [7]. Group 3: Concerns - Increased operating expenses are a concern, with casino costs rising to $617.5 million from $577.7 million year-over-year, and general and administrative expenses increasing to $271.8 million from $268.4 million [9]. - In the past year, WYNN shares gained 5%, underperforming the industry average rise of 27.2%, primarily due to a challenging macro environment [8].
Wynn Resorts: Soft Third Quarter Presents Buy On The Dip Opportunity For Those Who Know The Stock
Seeking Alpha· 2024-11-19 19:00
Group 1 - The House Edge is recognized as a unique marketplace service in the casino, gaming, and online sports betting sectors, providing researched insights and analysis [1] - Howard Jay Klein, with 30 years of experience in major casino operations, leads The House Edge and focuses on value investing based on management quality [2] - The intelligence network of Howard Jay Klein spans across various levels in the US gambling and entertainment sectors, enhancing the quality of the research provided [2] Group 2 - The House Edge has consistently outperformed standard analyst guidance, delivering superior returns to its readers [1]
Landry's CEO Fertitta becomes Wynn Resorts' largest individual shareholder with nearly 10% stake
CNBC· 2024-11-14 20:05
Core Insights - Wynn Resorts' stock price increased by 9% following news of billionaire Tilman Fertitta increasing his ownership stake to 9.9% [1][2] - Over the past 20 years, Wynn's stock has seen a 57% increase, significantly lower than Marriott's 950% gain during the same period [2] - Wynn's third-quarter earnings fell short of expectations for revenue and adjusted property EBITDA in both Macao and Las Vegas, indicating a potential softening in performance [4] Company Developments - Tilman Fertitta, CEO of Landry's and owner of the Houston Rockets, is planning a new 43-story casino resort on the Las Vegas Strip [3] - Wynn Resorts has a 40% stake in a new integrated casino-resort being developed in Ras Al Khaimah, UAE, with a projected cost of $5.1 billion [6] - Fertitta's increased stake positions him as the second-largest individual shareholder in Wynn, surpassing cofounder Elaine Wynn [7] Land and Development Concerns - Analysts have raised questions regarding Wynn's plans for 162 acres of land in Las Vegas, which includes a 128-acre golf course and a 38-acre parcel [5] - Jefferies analyst David Katz estimated the land's value at slightly over $2 billion, but noted a lack of evident plans for development or sale [5] - Some investors have expressed concerns that Wynn is diluting its luxury brand and hospitality status while focusing on new gaming markets in the Middle East [5]