Poor quarter in Las Vegas resulted in losses
Wynn Resorts has published its financial report for Q3 2024 revealing operating revenues of $1.69 billion, marginal increase of 1.2% compared to the $1.67 billion reported in Q3 2023.
The latest figures represent a drop of 2.3% compared to Q2 2024 when operating revenues were $1.73 billion. However, the report noted that this was the third quarter in a row that operating revenues had increased year-on-year.
Meanwhile, Adjusted Property EBITDAR was $527.7 million for the reporting period, compared to $530.4 million for the third quarter of 2023.
Overall the group reported a net loss of $32.1 million for the quarter a a result of poor performance in its Las Vegas operations during the quarter.
Q3 2024 Key Highlights
Group results
- Operating revenues – $1.69 billion, up by 1.2%
- Operating expenses – $1.56 billion, down by 2.5%
- Operating income – $133.2 million, up by 113.1%
- Net loss – $32.1 million
Individual resort and subsidiary operating incomes (losses)
- Wynn Palace – $85.4 million
- Wynn Macau – $66.3 million
- Las Vegas Operations – ($28 million)
- Encore Boston Harbor – $4 million
Speaking of the latest results, Craig Billings, CEO of Wynn Resorts said:
“Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. To that end, we are pleased to announce that the Board has increased our share repurchase authorization to $1 billion. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders.”
WYNN stock currently has a Market Cap of $10.66 B, trading at $96.07.
