Core Viewpoint - Wynn Resorts is experiencing a decline in market share in Macao, the largest gaming market globally, due to increasing competition and disappointing financial results [1] Company Summary - Wynn Resorts' stock has fallen following the announcement of disappointing results in Macao [1] - The company is investing heavily in uncertain resort expansions worldwide, which is contributing to its financial challenges [1] Industry Summary - The gambling market in Macao is becoming increasingly competitive, impacting the performance of established players like Wynn Resorts [1]

Core Insights - Wynn Resorts shares fell significantly after the company reported third-quarter results that missed profit and sales forecasts, primarily due to a slowdown in Las Vegas operations [1][2] - The company reported a third-quarter loss of $0.29 per share, with adjusted earnings of $0.90 per share, both below analysts' expectations. Revenue increased by 1.3% year-over-year to $1.69 billion, but still fell short of forecasts [1][2] Financial Performance - Las Vegas operating revenue declined by 1.9% to $607.2 million, while adjusted EBITDAR dropped by 7.7% to $202.7 million [2] - Mixed results were observed in Macau, with operating revenue increasing by 19.3% at Wynn Macau, but declining by 1% at Wynn Palace. Encore Boston Harbor saw a 1.8% increase in revenue [2] Investments and Future Outlook - The company invested $18.2 million in a joint venture under construction in the UAE, which is expected to become a significant tourism destination according to CEO Craig Billings [2] - Wynn Resorts shares experienced a nearly 10% drop in trading and have lost over 5% of their value since the beginning of the year [2]

Core Viewpoint - Wynn Resorts, Limited reported lower-than-expected third-quarter 2024 results, with adjusted earnings and operating revenues missing consensus estimates, although the top line showed year-over-year growth while the bottom line declined [1][4][5]. Financial Performance - Adjusted earnings per share (EPS) were 90 cents, missing the Zacks Consensus Estimate of $1.17 by 23.1%, down from 99 cents in the prior-year quarter [4]. - Quarterly operating revenues were $1.69 billion, missing the consensus mark of $1.74 billion by 2.4%, but increased 1.2% year-over-year [5]. - Adjusted property EBITDAR was $527.7 million, slightly down from $530.4 million in the prior-year quarter [15]. Segment Performance - Wynn Palace's operating revenues declined to $519.8 million from $524.8 million year-over-year, with casino revenues flat at $418 million [6]. - Wynn Macau's operating revenues increased to $352 million from $295 million year-over-year, with casino revenues up 28.9% to $296.8 million [9][10]. - Las Vegas operations generated $607.2 million in revenues, down from $619 million in the prior-year quarter, with casino revenues declining 13.6% to $145.2 million [12]. - Encore Boston Harbor's operating revenues increased to $214.1 million from $210.4 million year-over-year, with casino revenues rising 1.8% to $158.7 million [14]. Operational Metrics - Revenue per available room (RevPAR) declined 12.7% year-over-year to $289, with occupancy levels at 98.3% compared to 96.9% in the prior year [8]. - In the VIP segment, table games turnover was $3.2 billion, up 11.6% year-over-year, while the win rate decreased to 3% from 3.4% [7]. - Table drop in the mass market segment was $1.69 billion, down from $1.73 billion in the prior-year quarter, with table game wins amounting to $404.3 million [7]. Cash Position and Debt - As of September 30, 2024, cash and cash equivalents totaled $2.41 billion, down from $2.88 billion as of December 31, 2023 [17]. - Total current and long-term outstanding debt was $11.79 billion, including $1.46 billion related to Wynn Las Vegas and $6.41 billion of Macau debt [17].

Core Viewpoint - Wynn Resorts reported a revenue of $1.69 billion for Q3 2024, showing a year-over-year increase of 1.3%, but fell short of the Zacks Consensus Estimate by 2.39% [1] Financial Performance Summary - Earnings per share (EPS) for the quarter was $0.90, down from $0.99 a year ago, representing a surprise of -23.08% against the consensus estimate of $1.17 [1] - Room occupancy rate at Wynn Las Vegas was 89%, slightly below the average estimate of 89.9% [3] - Table Drop for Las Vegas Operations was reported at $580.80 million, compared to the average estimate of $597.84 million [3] - Average daily room rate at Wynn Las Vegas was $495, lower than the estimated $502.85 [3] - Slot Machine Handle for Las Vegas Operations reached $1.70 billion, exceeding the average estimate of $1.62 billion [3] - Operating revenues for Las Vegas Operations were $607.17 million, below the average estimate of $619.31 million, marking a year-over-year decline of 1.9% [3] - Operating revenues for Encore Boston Harbor were $214.12 million, slightly above the estimated $211.79 million, reflecting a year-over-year increase of 1.8% [3] - Operating revenues for Macau Operations were $871.75 million, compared to the estimated $891.47 million, showing a year-over-year increase of 6.3% [3] - Operating revenues for Wynn Macau were $351.96 million, exceeding the average estimate of $344.04 million, with a year-over-year increase of 19.3% [3] - Operating revenues for Wynn Palace were $519.79 million, below the estimated $553.43 million, reflecting a year-over-year decline of 1% [3] - Over the past month, shares of Wynn have returned -9.3%, contrasting with the S&P 500 composite's +0.4% change [3]

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]

Core Viewpoint - Wynn Resorts reported quarterly earnings of $0.90 per share, missing the Zacks Consensus Estimate of $1.17 per share, representing a -23.08% earnings surprise [1] - The company posted revenues of $1.69 billion for the quarter ended September 2024, which was 2.39% below the Zacks Consensus Estimate [2] Financial Performance - Earnings for the same quarter last year were $0.99 per share, indicating a decline in earnings year-over-year [1] - The company has surpassed consensus EPS estimates two times over the last four quarters [2] - Revenue for the same quarter last year was $1.67 billion, showing a slight increase in revenue year-over-year [2] Market Performance - Wynn shares have increased by approximately 5% since the beginning of the year, while the S&P 500 has gained 20.1% [3] - The stock is currently rated Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $1.56 on revenues of $1.84 billion, and for the current fiscal year, it is $5.42 on revenues of $7.17 billion [7] - The gaming industry is currently ranked in the bottom 39% of Zacks industries, which may negatively impact stock performance [8] Industry Context - The performance of Wynn Resorts is influenced by the overall outlook of the gaming industry, which is currently underperforming compared to the top 50% of Zacks-ranked industries [8] - Another industry player, PENN Entertainment, is expected to report a quarterly loss of $0.28 per share, with a significant downward revision in EPS estimates [9]

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 ...