Wynn Resorts(WYNN)2025-05-06 21:00Financial Performance - Operating revenues for Q1 2025 were $1,700,397, a decrease of $162,512 or 8.7% compared to Q1 2024[101]. - Net income attributable to Wynn Resorts, Limited for Q1 2025 was $72,747, down $71,469 or 49.6% from $144,216 in Q1 2024[102]. - Average daily rate (ADR) and revenue per available room (REVPAR) decreased across properties, contributing to lower overall revenues[102]. - Macau Operations reported total revenues of $865,889 for Q1 2025, a decline of $132,756 or 13.3% from $998,645 in Q1 2024[104]. - Casino revenues for Q1 2025 were $1,040,430, down $81,036 or 7.2% from $1,121,466 in Q1 2024, representing 61.2% of total operating revenues[105]. - Non-casino revenues decreased to $659,967 in Q1 2025, a drop of $81,476 or 11.0% compared to $741,443 in Q1 2024[105]. Casino Operations - Total casino revenues for Wynn Palace decreased by $29.3 million, or 6.2%, from $473.8 million in 2024 to $444.5 million in 2025[107]. - Total casino revenues for Wynn Macau decreased by $70.8 million, or 20.4%, from $346.4 million in 2024 to $275.6 million in 2025[107]. - Total casino revenues for Las Vegas Operations increased by $25.8 million, or 19.1%, from $135.2 million in 2024 to $161.0 million in 2025[108]. - The decrease in operating revenues was largely driven by lower VIP win as a percentage of turnover and mass market table games win in Macau[101]. - VIP win percentage in Macau is expected to range between 3.1% to 3.4%, while table games win percentage in Las Vegas is projected at 22% to 26%[98][99]. Expenses and Financial Metrics - Total operating expenses decreased by $68.2 million, or 4.5%, from $1.5 billion in 2024 to $1.4 billion in 2025[112]. - Casino expenses decreased by $40.6 million, or 6.0%, primarily due to lower gaming tax expenses[112]. - Interest expense decreased by $24.8 million due to a reduction in the weighted average debt balance from $11.92 billion in 2024 to $10.94 billion in 2025[117]. - Cash flows from operating activities decreased to $133.8 million for the three months ended March 31, 2025, from $315.1 million in 2024[132]. - Income tax expense decreased to $11.0 million for the three months ended March 31, 2025, from $20.0 million in 2024[121]. Shareholder Returns and Capital Management - The company repurchased 2,504,560 shares of common stock for an aggregate cost of $212.0 million during the three months ended March 31, 2025[138]. - A cash dividend of $0.25 per share was declared, with a total of $26.8 million recorded against accumulated deficit[150]. - The company authorized a $1.00 billion share repurchase program, with $613 million remaining as of March 31, 2025[152]. - The company plans to pay a final dividend of HK$0.185 per share on June 11, 2025, subject to shareholder approval[143]. Investments and Future Plans - Wynn Resorts has a 40% equity interest in Island 3, which is constructing an integrated resort in Ras Al Khaimah, UAE[92]. - The company is reassessing $375 million in planned enhancements at Wynn Las Vegas due to uncertainties regarding tariffs[146]. - Wynn Al Marjan Island FZ-LLC entered a $2.4 billion delayed draw secured term loan facility for development financing[156]. - The company contributed $51.2 million to Wynn Al Marjan Island, with remaining equity requirements estimated between $650 million and $725 million[149]. Currency and Debt Management - As of March 31, 2025, approximately 76% of long-term debt was fixed rate, with a potential $19 million change in annual interest expense from a 100 basis point rate change[162]. - The company entered into foreign currency swaps totaling $2.9 billion to manage exchange rate risks associated with U.S. dollar denominated senior notes[164]. - An assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate could result in a gain/loss of $12.5 million to income before taxes[165]. - The company incurred a foreign currency remeasurement loss of $8.4 million for the three months ended March 31, 2025, compared to a loss of $4.7 million for the same period in 2024[119]. - The company recorded a loss of $29.5 million from changes in derivatives fair value for the three months ended March 31, 2025, compared to a loss of $17.9 million in 2024[120].