Wynn Resorts Q4 Earnings Surpass Estimates, Revenues Fall Y/Y

Core Insights - Wynn Resorts, Limited reported fourth-quarter 2024 results with earnings and revenues exceeding the Zacks Consensus Estimate, although the top line showed a year-over-year decline while the bottom line improved [1][2][3] Financial Performance - Adjusted earnings per share (EPS) for the fourth quarter were $2.42, surpassing the Zacks Consensus Estimate of$ 1.27 by 90.6%, compared to $1.91 in the prior-year quarter [3] - Quarterly operating revenues reached$ 1.84 billion, exceeding the consensus mark of $1.78 billion by 3.4%, but fell 0.1% year over year [3] Segment Performance - Wynn Palace's operating revenues increased to$ 562.9 million from $524.4 million in the prior-year quarter, with casino revenues rising 10% year over year to$ 458.8 million [4] - Wynn Macau's operating revenues were $363.7 million, down from$ 386.2 million in the prior-year quarter, with casino revenues at $306.5 million, a 4.4% decline year over year [7][8] - Las Vegas operations generated$ 699.5 million in revenues, slightly up from $696.8 million in the prior-year quarter, with casino revenues increasing 13.4% year over year to$ 190 million [11] Operational Metrics - Revenue per available room (RevPAR) declined 4.9% year over year to $291, with occupancy levels at 98.4% [6] - For Wynn Macau, RevPAR fell 15.3% year over year to$ 238, while occupancy remained flat at 99.4% [10] - In Las Vegas, RevPAR decreased 6.1% year over year to $527, with an occupancy rate of 88.1% [12] Cash Position and Debt - As of December 31, 2024, Wynn Resorts had cash and cash equivalents totaling$ 2.43 billion, with total outstanding debt at $10.54 billion [17] Annual Highlights - Total revenues for 2024 were$ 7.13 billion, up from $6.53 billion in 2023, with adjusted Property EBITDAR at$ 2.36 billion compared to $2.11 billion in the previous year [19]