Wynn Resorts(US:WYNN)2025-11-06 22:21Financial Performance - Operating revenues for Q3 2025 were $1,833,747, an increase of 8.3% from $1,693,323 in Q3 2024[127] - Net income attributable to Wynn Resorts, Limited for Q3 2025 was $88,341, a significant increase of 375.6% compared to a loss of $32,053 in Q3 2024[127] - Macau Operations generated $1,000,985 in revenues for Q3 2025, up 14.8% from $871,747 in Q3 2024, driven by a $115,682 increase at Wynn Palace[130] - Casino revenues for Q3 2025 were $1,174,717, representing 64.1% of total operating revenues, compared to 60.2% in Q3 2024[131] - Non-casino revenues decreased by 2.3% to $659,030 in Q3 2025, with room revenues down 5.0%[131] - Total operating revenues for the nine months ended September 30, 2025, were $5,271.9 million, a decrease of $17.2 million or 0.3% compared to $5,289.2 million in 2024[149] - Casino revenues increased to $3,266.98 million for the nine months ended September 30, 2025, representing a 3.7% increase from $3,149.17 million in 2024[150] - Non-casino revenues decreased to $2,004.96 million for the nine months ended September 30, 2025, down 6.3% from $2,139.99 million in 2024[150] Revenue Breakdown - Wynn Palace total casino revenues increased by 29.8% to $542,439,000 compared to $418,043,000 in the prior year[133] - Wynn Macau total casino revenues rose by 6.0% to $314,489,000 from $296,781,000 year-over-year[133] - Las Vegas Operations total casino revenues grew by 11.3% to $161,576,000 compared to $145,186,000 in the previous year[134] - Total room revenues in Macau Operations decreased by 23.9% to $37,396,000, primarily due to lower ADR[135] - Wynn Palace casino revenues increased by 7.4% to $1,435.25 million for the nine months ended September 30, 2025, compared to $1,336.79 million in 2024[152] - Las Vegas Operations casino revenues rose by 14.9% to $471.07 million for the nine months ended September 30, 2025, from $410.02 million in 2024[153] Expenses and Income - Operating expenses decreased by 2.4% to $1,523,258,000, driven by a reduction in property charges and other expenses[137] - Casino expenses increased by $69.6 million at Wynn Palace, attributed to higher gaming tax expenses due to increased casino revenues[138] - Food and beverage expenses rose by $7.9 million at Wynn Palace, mainly due to increased covers[139] - Interest expense decreased by $10.3 million, reflecting a reduction in the weighted average debt balance to $11.09 billion[142] - Income tax expense increased to $61.1 million for the three months ended September 30, 2025, compared to $17.1 million for the same period in 2024, reflecting a higher valuation allowance on foreign tax credit carryforwards[146] - Net income attributable to noncontrolling interests was $40.1 million for the three months ended September 30, 2025, up from $26.6 million in 2024[147] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $874.6 million, down from $947.2 million in 2024[185] - Capital expenditures for the nine months ended September 30, 2025, totaled $489.2 million, compared to $292.7 million in 2024[185] - During the nine months ended September 30, 2025, the company invested $236.1 million in the joint venture constructing Wynn Al Marjan Island[189] - The company expects to make estimated project capital expenditures of between $200 million and $250 million during 2025 related to enhancements at Macau Operations[195] - The company repurchased shares of common stock for an aggregate cost of $379.7 million during the nine months ended September 30, 2025[191] Debt and Financing - The company entered into a $2.4 billion delayed draw secured term loan facility for the development of Wynn Al Marjan Island[215] - Approximately 82% of the company's long-term debt was based on fixed rates as of September 30, 2025[221] - An assumed 100 basis point change in variable rates would result in a $19.0 million change in annual interest expense[221] - The company has foreign currency swaps with an aggregate notional amount of $4.10 billion to manage exchange rate risk[223] - An assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would result in a gain/loss of $3.4 million to income before income taxes[224] Future Outlook - Future growth strategies include potential market expansions and new product developments, although specific details were not disclosed in the current report[116] - The company expects table games win percentage in Macau's VIP operations to remain between 3.1% and 3.4%[124] - The estimated remaining equity required for the construction of Wynn Al Marjan Island is between $500 million and $575 million, expected to open in 2027[206] - The company expects to use cash for servicing the Retail Term Loan, funding working capital, and making capital contributions to Wynn Al Marjan Island[205]