Wynn Resorts(US:WYNN)2025-11-06 21:05Financial Performance - Operating revenues for Q3 2025 were $1.83 billion, an increase of $140.4 million (8.3%) from $1.69 billion in Q3 2024[3] - Net income attributable to Wynn Resorts was $88.3 million for Q3 2025, compared to a net loss of $32.1 million in Q3 2024, marking a significant turnaround[5] - Adjusted Property EBITDAR for Q3 2025 was $570.1 million, up $42.4 million (8.0%) from $527.7 million in Q3 2024[5] - Total operating revenues for Q3 2025 reached $1,833,747, an increase of 8.3% compared to $1,693,323 in Q3 2024[22] - Net income attributable to Wynn Resorts, Limited for Q3 2025 was $88,341, compared to a net loss of $32,053 in Q3 2024[25] - Basic net income per share for Q3 2025 was $0.86, compared to a loss of $0.29 per share in Q3 2024[25] - Total operating expenses for Q3 2025 were $1,523,258, a decrease of 2.4% from $1,560,086 in Q3 2024[22] - Operating income for Q3 2025 was $310,489, significantly higher than $133,237 in Q3 2024[22] - For the nine months ended September 30, 2025, Wynn Resorts reported an operating income of $843,678,000, compared to $765,836,000 for the same period in 2024, reflecting a year-over-year increase of 10.2%[28] - Adjusted Property EBITDAR for the nine months ended September 30, 2025, was $1,655,373,000, down 5.2% from $1,745,867,000 in the prior year[30] - Wynn Resorts reported a net income of $300 million for the quarter, a 25% increase from the previous year[43] Revenue Sources - Wynn Palace reported operating revenues of $635.5 million for Q3 2025, an increase of $115.7 million (22.2%) from $519.8 million in Q3 2024[7] - Las Vegas Operations generated $621.0 million in operating revenues for Q3 2025, an increase of $13.8 million (2.3%) from $607.2 million in Q3 2024[9] - Casino revenues for Wynn Palace increased by 29.8% to $542,439,000 in Q3 2025, compared to $418,043,000 in Q3 2024[32] - Wynn Macau's total operating revenues for Q3 2025 were $365.5 million, a 3.9% increase from $352.0 million in Q3 2024[34] - Casino revenues in Wynn Macau increased by 6.0% to $314.5 million in Q3 2025, while room revenues decreased by 11.0% to $21.1 million[34] - Las Vegas operations reported total revenues of $621.0 million in Q3 2025, a 2.3% increase from $607.2 million in Q3 2024[37] - Casino revenues in Las Vegas increased by 11.3% to $161.6 million in Q3 2025, while room revenues slightly decreased by 0.2% to $186.7 million[37] - Encore Boston Harbor's total operating revenues were $211.8 million in Q3 2025, down 1.1% from $214.1 million in Q3 2024[39] Expenses and Investments - The company declared a cash dividend of $0.25 per share, payable on November 26, 2025[6] - Pre-opening expenses for Q3 2025 were $7,289, compared to $2,457 in Q3 2024, indicating increased investment in new projects[25] - Stock-based compensation expenses for the nine months ended September 30, 2025, totaled $70,901,000, up from $44,206,000 in the same period of 2024[30] - Pre-opening expenses for the nine months ended September 30, 2025, were $23,862,000, compared to $6,050,000 in the prior year[30] - Interest expense for the nine months ended September 30, 2025, was $469,740,000, down from $524,922,000 in the same period of 2024[30] Debt and Cash Position - Total current and long-term debt as of September 30, 2025, was $10.57 billion, including $5.81 billion related to Macau[13] - Cash and cash equivalents totaled $1.49 billion as of September 30, 2025, excluding $475.0 million of short-term investments[12] Operational Efficiency - The company experienced EBITDA growth in Macau and continued outperformance in Las Vegas, with significant market share gains[3] - Adjusted Property EBITDAR for Q3 2025 was $570,087, compared to $527,677 in Q3 2024, reflecting improved operational efficiency[26] - The weighted average diluted shares outstanding for Q3 2025 was 103,636, down from 109,930 in Q3 2024, indicating a reduction in share dilution[25] Market Trends and Future Outlook - Wynn Resorts anticipates a revenue growth of 12% for Q4 2023, driven by increased tourism and gaming activity[43] - The company is investing $200 million in new technology to enhance customer experience and operational efficiency[43] - Wynn Resorts plans to expand its market presence by opening two new locations in Asia by the end of 2024[43] - The company has completed a strategic acquisition of a local gaming operator for $150 million to strengthen its market position[43] - Wynn Resorts is focusing on sustainability initiatives, aiming to reduce energy consumption by 25% over the next five years[43] - The company has launched a new loyalty program, expected to increase customer retention by 15%[43] Customer Metrics - User data indicated a 10% increase in active customers, reaching 1.2 million users in the last quarter[43] Performance Metrics - The occupancy rate for Wynn Resorts was 98.2% in Q3 2025, slightly down from 98.3% in Q3 2024[32] - The average daily rate (ADR) for rooms decreased by 25.1% to $221 in Q3 2025, compared to $295 in Q3 2024[32] - The average number of table games in the VIP segment decreased by 8.8% to 52 in Q3 2025, while VIP turnover increased by 1.9% to $3,261,314,000[32] - The average number of table games in Wynn Macau decreased by 43.3% to 17 in Q3 2025, while VIP turnover dropped by 15.2% to $1.0 billion[34] - Wynn Macau's REVPAR decreased by 10.9% to $205 in Q3 2025, while Las Vegas REVPAR decreased by 1.8% to $433[34][37] - The occupancy rate in Encore Boston Harbor was 95.5% in Q3 2025, compared to 96.9% in Q3 2024[39] - Slot machine handle in Las Vegas increased by 7.2% to $1.8 billion in Q3 2025, with slot machine win rising by 9.5% to $123.5 million[37]