Wynn Resorts(US:WYNN)2024-11-04 22:00Financial 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].