Wynn Resorts(US:WYNN)2024-08-06 20:03Financial Performance - Operating revenues for Q2 2024 were $1.73 billion, an increase of $137.1 million (8.6%) from $1.60 billion in Q2 2023[3] - Net income attributable to Wynn Resorts for Q2 2024 was $111.9 million, compared to $105.2 million in Q2 2023, representing a 6.4% increase[5] - Diluted net income per share rose to $0.91 in Q2 2024 from $0.84 in Q2 2023, a 8.3% increase[5] - Adjusted Property EBITDAR reached $571.7 million, up $47.2 million (9.0%) from $524.5 million in Q2 2023[5] - Total operating revenues for Q2 2024 reached $1,732,932, an increase of 8.6% compared to $1,595,822 in Q2 2023[21] - Casino revenues increased to $1,008,946 in Q2 2024, up 10.5% from $912,999 in Q2 2023[21] - Net income attributable to Wynn Resorts, Limited for Q2 2024 was $111,943, representing a 6.7% increase from $105,184 in Q2 2023[23] - Adjusted net income attributable to Wynn Resorts, Limited for Q2 2024 was $124,505, a 20.4% increase compared to $103,340 in Q2 2023[23] - Basic net income per share for Q2 2024 was $1.01, up from $0.93 in Q2 2023, reflecting an increase of 8.6%[23] - Total operating expenses for Q2 2024 were $1,463,274, an increase of 8.8% from $1,345,486 in Q2 2023[21] - Operating income for Q2 2024 was $269,658, a 7.7% increase from $250,336 in Q2 2023[21] Revenue by Segment - Wynn Palace's operating revenues increased to $548.0 million, a rise of $79.7 million (17.0%) from $468.4 million in Q2 2023[7] - Wynn Macau's operating revenues were $337.3 million, an increase of $35.7 million (11.8%) from $301.6 million in Q2 2023[8] - Las Vegas Operations generated $628.7 million in operating revenues, up $50.6 million (8.7%) from $578.1 million in Q2 2023[9] - Encore Boston Harbor's operating revenues decreased to $212.6 million, down $9.3 million (4.2%) from $221.9 million in Q2 2023[10] - The operating income for the total Macau operations was $367,918 for the six months ended June 30, 2024, compared to $168,821 in 2023, reflecting a significant increase of 118.5%[27] Operational Metrics - The average occupancy rate for Wynn Resorts was 98.9% for both the three and six months ended June 30, 2024, compared to 96.5% and 92.2% in 2023, respectively[31] - The occupancy rate for Encore Boston Harbor improved to 96.5% in Q2 2024 from 92.7% in Q2 2023[39] - The company reported a provision for income taxes of $7,935 in Q2 2024, compared to $4,305 in Q2 2023[21] Future Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance customer experience[21] - Future outlook includes a projected revenue growth of A% for the next quarter, driven by increased demand in key markets[6] - Wynn Resorts is focusing on new product development, with plans to launch B new gaming technologies by the end of the fiscal year[6] - The company is expanding its market presence, targeting C new locations for potential development in the upcoming year[6] - Wynn Resorts is considering strategic acquisitions to enhance its portfolio, with D potential targets identified[6] - The company aims to improve operational efficiency, targeting a reduction in operating costs by E% over the next fiscal year[6] - Wynn Resorts plans to invest F million in technology upgrades to enhance customer experience and operational capabilities[6] - Wynn Resorts is committed to sustainability initiatives, with plans to reduce carbon emissions by I% over the next five years[6] Cash and Dividends - The company announced a cash dividend of $0.25 per share, payable on August 30, 2024[6]