Wynn Resorts(US:WYNN)2025-05-06 20:03Financial Performance - Operating revenues for Q1 2025 were $1.70 billion, a decrease of $162.5 million from $1.86 billion in Q1 2024[3] - Net income attributable to Wynn Resorts for Q1 2025 was $72.7 million, down from $144.2 million in Q1 2024, with diluted net income per share at $0.69 compared to $1.30[5] - Adjusted Property EBITDAR for Q1 2025 was $532.9 million, a decrease of $113.6 million from $646.5 million in Q1 2024[5] - Total operating revenues for Q1 2025 were $1,700,397, a decrease of 8.7% from $1,862,909 in Q1 2024[22] - Net income attributable to Wynn Resorts, Limited for Q1 2025 was $72,747, down 49.6% from $144,216 in Q1 2024[26] - Adjusted net income attributable to Wynn Resorts, Limited for Q1 2025 was $113,145, a decline of 36.0% compared to $176,801 in Q1 2024[23] - Adjusted Property EBITDAR for Q1 2025 was $532,899, down 17.6% from $646,535 in Q1 2024[26] Revenue Breakdown - Operating revenues from Wynn Palace were $535.9 million, down $51.0 million from $586.9 million in Q1 2024, with Adjusted Property EBITDAR at $161.9 million compared to $202.4 million[7] - Operating revenues from Wynn Macau were $330.0 million, a decrease of $81.8 million from $411.7 million in Q1 2024, with Adjusted Property EBITDAR at $90.2 million compared to $137.2 million[8] - Casino revenues for Wynn Palace in Q1 2025 were $444,508, a decrease of 6.2% from $473,781 in Q1 2024[28] - Wynn Macau's total operating revenues decreased by 19.9% to $329.96 million in Q1 2025 from $411.74 million in Q1 2024[30] - Las Vegas operations reported a slight decline in total operating revenues by 1.8% to $625.29 million in Q1 2025 compared to $636.55 million in Q1 2024[32] - Encore Boston Harbor's total operating revenues fell by 3.9% to $209.22 million in Q1 2025 from $217.78 million in Q1 2024[34] Operational Metrics - The average number of table games in the VIP segment decreased by 6.8% to 55 in Q1 2025 compared to 59 in Q1 2024[28] - The occupancy rate for Wynn Palace was 98.3% in Q1 2025, slightly down from 98.8% in Q1 2024[28] - Slot machine handle increased by 23.4% to $734,869 in Q1 2025 from $595,621 in Q1 2024[28] - Slot machine handle in Las Vegas increased by 18.8% to $1.78 billion in Q1 2025 from $1.50 billion in Q1 2024[32] Debt and Cash Position - Cash and cash equivalents as of March 31, 2025, totaled $2.07 billion, with $1.49 billion held by Wynn Macau and subsidiaries[12] - Total current and long-term debt outstanding was $10.55 billion, including $5.80 billion of Macau-related debt[13] Shareholder Returns - The company repurchased 2,360,194 shares at an average price of $84.76 per share for a total cost of $200 million during Q1 2025[14] - A cash dividend of $0.25 per share was declared, payable on May 30, 2025, to stockholders of record as of May 16, 2025[6] Future Developments - Wynn Al Marjan Island development in the UAE received a cash contribution of $51.2 million, bringing total contributions to $682.9 million, with an expected opening in 2027[11] Room Revenue and Performance - Room revenues for Wynn Palace fell by 32.1% to $36,615 in Q1 2025 from $53,936 in Q1 2024[28] - Average Daily Rate (ADR) for rooms in Wynn Macau decreased by 17.6% to $234 in Q1 2025 from $284 in Q1 2024[30] - REVPAR for rooms in Las Vegas decreased by 12.0% to $461 in Q1 2025 from $524 in Q1 2024[32] Adjusted Performance Metrics - Adjusted Property EBITDAR for Wynn Macau decreased by 34.3% to $90.20 million in Q1 2025 from $137.19 million in Q1 2024[30] - Las Vegas operations' Adjusted Property EBITDAR declined by 9.3% to $223.36 million in Q1 2025 from $246.26 million in Q1 2024[32] - Encore Boston Harbor's Adjusted Property EBITDAR decreased by 9.0% to $57.45 million in Q1 2025 from $63.14 million in Q1 2024[34] VIP Performance - VIP table games win at Wynn Macau dropped significantly by 70.8% to $15.71 million in Q1 2025 from $53.91 million in Q1 2024[30]