Wynn Resorts Limited Shares Impressive Results from Q1 2024

Wynn Resorts, developer and operator of high-end hotels and casinos, goes live with the report, sharing the financial results from Q1 2024. According to the stats, a notable growth of $439.2 million was seen compared to the previous year’s report encompassing the same period, resulting in impressive operating revenue of $1.86 billion for the first quarter of 2024.

Compared to net income attributable to Wynn Resorts in Q1 2023, this year’s net income grew substantially, amounting to $144.2 million. Diluted net income per share was $1.30 for the first quarter of 2024, whereas last year’s Q1 was $0.02.

Furthermore, Adjusted Property earnings before interest, taxes, depreciation, amortization, and restructuring (EBITDAR) or rent costs for this year’s first quarter experienced notable improvement as well, going all the way up to $646.5 million. As a small reminder, in Q1 2023, Adjusted Property EBITDAR was $429.7 million.

Long-Term Growth Secured

Although all properties running under the group experienced growth, the biggest contributor is properties in Macau. Larger gaming volume coupled with hotel and restaurant occupancy resulted in impressive financial results in multiple measurable segments.

Commenting on the extremely successful quarter one of the current year, Craig Billings, CEO of Wynn Resorts Limited said:

"The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new record. 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."

With several notable upgrades already well underway, he believes that the company has what it takes to secure continued long-term growth. As he pointed out, the vertical construction on the hotel tower at Wynn Al Marjan Island will contribute to the resort cementing its position as one of the premium tourist destinations in the United Arab Emirates.

Consolidated Results from Multiple Wynn Properties

For the first quarter of 2024, operating revenues at Wynn Palace, Wynn Macau, Las Vegas, and Encore Boston Harbor, saw a growth of $217.5 million, $181.0 million, $49.8 million, and $1.5 million respectively.

As for Macau operations, operating revenues for quarter one were as follows:

• Wynn Palace- $586.9 million, which represents an increase of $217.5 million
• Wynn Macau- $411.7 million, which represents a growth of $181.0 million

Adjusted Property EBITDAR from Wynn Palace was $202.4 million for the first quarter of 2024 and was $137.2 million for Wynn Macau. The turnover for privileged table games wins was 3.30% at Wynn Palace, and 3.39% at Wynn Macau.

As for Las Vegas operations, operating revenues amounted to $636.5 million, whereas the Adjusted Property EBITDAR was $246.3 million. Table games win percentage for the said period was 25.9%, showing a slight growth compared to the previous year’s 24.3%.

Finally, operating revenues from Encore Boston Harbor were $217.8 million, whereas the Adjusted Property EBITDAR was $63.1 million. Table games win percentage was 22.6%, bringing an improvement compared to last year’s Q1’s 21.7%.

As revealed in the balance sheet, the available borrowing capacity under the Wynn Resorts Finance Revolver and the WM Cayman II Revolver was $737.2 million and $149.6 million, respectively for Q1 this year.

Source:

“Wynn Resorts Limited Reports First Quarter 2024 Results”, wynnresortslimited.gcs-web.com, May 7, 2024.