On February 13, 2025, Wynn Resorts Ltd (WYNN, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year ending December 31, 2024. The company reported operating revenues of $1.84 billion for the fourth quarter, consistent with the same period in 2023. Net income attributable to Wynn Resorts was $277.0 million, a significant decrease from $729.2 million in the fourth quarter of 2023, which included a substantial income tax benefit. Diluted net income per share was $2.29, surpassing the analyst estimate of $1.16. Adjusted Property EBITDAR was $619.1 million, slightly down from $630.4 million in the previous year.
Wynn Resorts Ltd (WYNN, Financial) is a prominent operator of luxury casinos and resorts, founded in 2002 by Steve Wynn. The company manages four megaresorts: Wynn Macau and Encore in Macao, and Wynn Las Vegas and Encore in Las Vegas. Additionally, Cotai Palace in Macao and Encore Boston Harbor in Massachusetts are part of its portfolio. The company is expanding its non-gaming attractions in Macao and plans to open a managed integrated resort in the United Arab Emirates by 2027. Wynn Resorts also operates Wynn Interactive, a digital sports betting and iGaming platform. In 2019, the company derived 76% of its EBITDA from Macao and 24% from the US.
Wynn Resorts Ltd (WYNN, Financial) faced a challenging quarter with flat revenue growth compared to the previous year. The decrease in net income was primarily due to the absence of a significant income tax benefit that was present in the fourth quarter of 2023. The company's performance is crucial as it reflects the ongoing recovery and competitive positioning in the Travel & Leisure industry, particularly in the high-stakes gaming markets of Macao and Las Vegas.
Despite the challenges, Wynn Resorts Ltd (WYNN, Financial) achieved a record Adjusted Property EBITDAR for the full year 2024, with notable performance in Las Vegas. This achievement underscores the company's resilience and ability to maintain strong operational performance in key markets. The company's focus on premium mass and VIP segments in Macau contributed to healthy market share gains.
For the year ended December 31, 2024, operating revenues increased to $7.13 billion, up from $6.53 billion in 2023. Net income attributable to Wynn Resorts was $501.1 million, compared to $730.0 million in the previous year. Adjusted net income was $663.5 million, or $6.02 per diluted share, up from $462.3 million, or $4.10 per diluted share, in 2023. The company's cash and cash equivalents totaled $2.43 billion, with total debt outstanding at $10.54 billion.
Our fourth quarter and full year results reflect continued strength throughout our business, setting another full-year record for Adjusted Property EBITDAR for the Company in 2024, with another annual record in Las Vegas," said Craig Billings, CEO of Wynn Resorts, Limited.
The company's strategic focus on expanding its footprint in the UAE and enhancing its non-gaming attractions in Macao positions it well for future growth. However, the decrease in net income highlights the importance of managing tax benefits and other non-operational factors that can significantly impact financial results.
| Metric | Q4 2024 | Q4 2023 |
|---|---|---|
| Operating Revenues | $1.84 billion | $1.84 billion |
| Net Income | $277.0 million | $729.2 million |
| Diluted EPS | $2.29 | $6.19 |
| Adjusted Property EBITDAR | $619.1 million | $630.4 million |
Wynn Resorts Ltd (WYNN, Financial) continues to demonstrate resilience in a competitive industry, with strategic initiatives aimed at long-term growth. The company's ability to maintain strong operational performance amidst challenges is a testament to its robust business model and strategic focus.
Explore the complete 8-K earnings release (here) from Wynn Resorts Ltd for further details.
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