Why Is Wynn (WYNN) Up 8.1% Since Last Earnings Report?

Core Viewpoint - Wynn Resorts reported lower-than-expected Q3 2024 results, with adjusted earnings and operating revenues missing estimates, despite a year-over-year revenue increase [2][4]. Financial Performance - Adjusted EPS was 90 cents, missing the Zacks Consensus Estimate of $1.17 by 23.1%, down from 99 cents in the prior-year quarter [4]. - Quarterly operating revenues were $1.69 billion, missing the consensus mark of $1.74 billion by 2.4%, but increased 1.2% year-over-year [4]. Segment Performance - Wynn Palace's operating revenues declined to $519.8 million from $524.8 million year-over-year, with casino revenues flat at $418 million [5]. - In Macau, operating revenues increased to $352 million from $295 million year-over-year, with casino revenues up 28.9% to $296.8 million [8][9]. - Las Vegas operations saw revenues of $607.2 million, down from $619 million year-over-year, with casino revenues declining 13.6% to $145.2 million [12]. - Encore Boston Harbor reported operating revenues of $214.1 million, slightly up from $210.4 million year-over-year [14]. Operational Metrics - Revenue per available room (RevPAR) declined 12.7% year-over-year to $289, with occupancy levels at 98.3% [7]. - In Macau, RevPAR declined 28.8% year-over-year to $230, with occupancy at 98.9% [11]. Cash and Debt Position - As of September 30, 2024, cash and cash equivalents totaled $2.41 billion, down from $2.88 billion at the end of 2023 [18]. - Total outstanding debt was $11.79 billion, including $1.46 billion related to Wynn Las Vegas and $6.41 billion of Macau debt [19]. Market Outlook - Estimates for Wynn have trended downward, with a consensus estimate shift of -14.96% [20][21]. - The stock has a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [23].