Core Insights - Wynn Resorts Ltd. reported third-quarter revenue of $1.83 billion, exceeding analyst forecasts of $1.77 billion, representing an 8.3% year-over-year increase [1] - The company missed earnings expectations with adjusted earnings per share of $0.86, below the anticipated $1.17 [1] Revenue Breakdown - Wynn Palace in Macau generated $635.5 million in operating revenue, an increase of $115.7 million from the previous year [2] - Wynn Macau contributed $365.5 million in revenue, up $13.6 million year-over-year [2] - Las Vegas operations in the U.S. delivered $621 million in revenue, reflecting a year-over-year increase of $13.8 million [2] Profitability Metrics - Adjusted Property EBITDAR rose 8% to $570.1 million from $527.7 million in the prior-year quarter, driven by recovery and strong performance in Macau [2]

Core Insights - Wynn Resorts, Limited (WYNN) reported mixed third-quarter 2025 results, with earnings missing the Zacks Consensus Estimate but revenues exceeding expectations, showing an 8.3% year-over-year increase [1][4][10] Financial Performance - Adjusted earnings per share (EPS) for the quarter were 86 cents, below the Zacks Consensus Estimate of $1.09, compared to 90 cents in the prior-year quarter [4][10] - Quarterly operating revenues reached $1.83 billion, surpassing the consensus mark by 3.9% [4] Operational Highlights - Strong performance was noted across Wynn Resorts' properties, particularly in Macau and Las Vegas, with Macau benefiting from market share gains and increased mass table drop [2][10] - Wynn Palace's operating revenues were $635.5 million, up 22.3% year over year, while casino revenues increased by 29.8% to $542.4 million [5] - Wynn Macau's operating revenues were $365.5 million, reflecting a 3.9% year-over-year increase, with casino revenues rising 6% to $314.5 million [6][7] - Las Vegas operations generated $621 million in revenues, a 2.3% increase year over year, with casino revenues jumping 11.3% to $161.6 million [8] Project Developments - Progress was made on the Wynn Al Marjan Island project, with construction advancing toward completion [2] Cash Position and Debt - As of September 30, 2025, Wynn Resorts had cash and cash equivalents totaling $1.49 billion, down from $1.98 billion in the prior quarter [13] - Total outstanding debt amounted to $10.57 billion, including $5.81 billion related to Macau operations [13] Market Reaction - WYNN stock experienced a 1% decline in after-hours trading following the earnings release [3]

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Core Insights - Wynn Resorts reported revenue of $1.83 billion for the quarter ended September 2025, reflecting an 8.3% increase year-over-year and a surprise of +3.88% over the Zacks Consensus Estimate of $1.77 billion [1] - The company's EPS was $0.86, down from $0.90 in the same quarter last year, resulting in an EPS surprise of -21.1% compared to the consensus estimate of $1.09 [1] Financial Performance Metrics - Table Games Win in Las Vegas Operations was $150.07 million, exceeding the average estimate of $141.79 million [4] - Slot Machine Win in Las Vegas Operations reached $123.5 million, surpassing the average estimate of $121.02 million [4] - Table Drop in Las Vegas Operations was $652.29 million, compared to the estimated $586.05 million [4] - REVPAR for Las Vegas Operations was $433.00, slightly above the two-analyst average estimate of $422.12 [4] - Operating revenues for Encore Boston Harbor were $211.75 million, below the estimated $217.42 million, representing a -1.1% change year-over-year [4] - Operating revenues for Las Vegas Operations were $621.01 million, exceeding the estimated $598.6 million, with a +2.3% change year-over-year [4] - Operating revenues for Wynn Palace were $635.47 million, significantly above the estimated $581.65 million, reflecting a +22.3% change year-over-year [4] - Operating revenues for Wynn Macau were $365.51 million, slightly above the estimated $361.2 million, with a +3.9% change year-over-year [4] - Operating revenues for Las Vegas Operations in Entertainment, retail, and other segments were $80.18 million, below the estimated $84.23 million, representing a -3.5% change year-over-year [4] - Operating revenues for Las Vegas Operations in Casino were $161.58 million, exceeding the estimated $153.51 million, with an +11.3% change year-over-year [4] - Operating revenues for Las Vegas Operations in Rooms were $186.71 million, slightly above the estimated $181.21 million, with a -0.2% change year-over-year [4] - Operating revenues for Encore Boston Harbor in Casino were $156.21 million, below the estimated $164.19 million, reflecting a -1.6% change year-over-year [4] Stock Performance - Wynn's shares have returned +3% over the past month, outperforming the Zacks S&P 500 composite's +1.3% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

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]