WYNN Wynn Resorts Ltd

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2024.

Operating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted Property EBITDAR(1) was $619.1 million for the fourth quarter of 2024, compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023.

"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. "We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP. In addition, construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the thirty-fifth floor of the hotel tower was recently completed. We are confident the resort will be a 'must see' tourism destination in the UAE and will support strong long-term free cash flow growth. At the same time, during the fourth quarter, we continued to focus on the return of capital to shareholders through both a cash dividend and the repurchase of $200 million of our stock."

Consolidated Results

Operating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. For the fourth quarter of 2024, operating revenues increased $38.6 million and $2.7 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $22.5 million and $4.5 million at Wynn Macau and Encore Boston Harbor, respectively, from the fourth quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited(2) was $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023.

Adjusted Property EBITDAR was $619.1 million for the fourth quarter of 2024, a decrease of $11.3 million compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023. For the fourth quarter of 2024, Adjusted Property EBITDAR increased $13.5 million at Wynn Palace, and decreased $17.7 million, $5.5 million, and $3.3 million at Wynn Macau, Encore Boston Harbor, and our Las Vegas Operations, respectively, from the fourth quarter of 2023.

Operating revenues were $7.13 billion for the year ended December 31, 2024, an increase of $596.1 million compared to operating revenues of $6.53 billion for the year ended December 31, 2023. For the year ended December 31, 2024, operating revenues increased $330.8 million, $251.1 million, and $91.3 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $8.6 million at Encore Boston Harbor, from the year ended December 31, 2023.

Net income attributable to Wynn Resorts, Limited was $501.1 million for the year ended December 31, 2024, compared to net income attributable to Wynn Resorts, Limited of $730.0 million for the year ended December 31, 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $4.35 for the year ended December 31, 2024, compared to diluted net income per share of $6.32 for the year ended December 31, 2023. Adjusted net income attributable to Wynn Resorts, Limited was $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023.

Adjusted Property EBITDAR was $2.36 billion for the year ended December 31, 2024, an increase of $250.0 million compared to Adjusted Property EBITDAR of $2.11 billion for the year ended December 31, 2023. For the year ended December 31, 2024, Adjusted Property EBITDAR increased $117.9 million, $103.8 million, and $0.5 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $10.3 million at Encore Boston Harbor, from the year ended December 31, 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 5, 2025 to stockholders of record as of February 24, 2025.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $562.9 million for the fourth quarter of 2024, an increase of $38.6 million from $524.4 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $184.6 million for the fourth quarter of 2024, compared to $171.1 million for the fourth quarter of 2023. Table games win percentage in mass market operations was 26.0%, above the 23.6% experienced in the fourth quarter of 2023. VIP table games win as a percentage of turnover was 3.51%, above the property's expected range of 3.1% to 3.4% and above the 2.97% experienced in the fourth quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $363.7 million for the fourth quarter of 2024, a decrease of $22.5 million from $386.2 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $108.2 million for the fourth quarter of 2024, compared to $125.8 million for the fourth quarter of 2023. Table games win percentage in mass market operations was 17.9%, below the 19.1% experienced in the fourth quarter of 2023. VIP table games win as a percentage of turnover was 5.01%, above the property's expected range of 3.1% to 3.4% and above the 4.37% experienced in the fourth quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $699.5 million for the fourth quarter of 2024, an increase of $2.7 million from $696.8 million for the fourth quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2024 was $267.4 million, compared to $270.8 million for the fourth quarter of 2023. Table games win percentage for the fourth quarter of 2024 was 30.9%, above the property's expected range of 22% to 26% and above the 25.4% experienced in the fourth quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $212.7 million for the fourth quarter of 2024, a decrease of $4.5 million from $217.1 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2024 was $58.8 million, compared to $64.4 million for the fourth quarter of 2023. Table games win percentage for the fourth quarter of 2024 was 20.7%, within the property's expected range of 18% to 22% and below the 22.0% experienced in the fourth quarter of 2023.

Wynn Al Marjan Island Development

During the fourth quarter of 2024, the Company contributed $99.0 million of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $631.7 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of December 31, 2024 totaled $2.43 billion, comprised of $1.46 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $437.9 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $528.4 million held at Corporate and other. As of December 31, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.8 million, respectively.

Total current and long-term debt outstanding at December 31, 2024 was $10.54 billion, comprised of $5.78 billion of Macau related debt, $3.29 billion of WRF debt, $874.2 million of Wynn Las Vegas debt, and $597.3 million of debt held by the retail joint venture which we consolidate.

Equity Repurchase Program

During the fourth quarter of 2024, the Company repurchased 2,143,666 shares of its common stock under its publicly announced equity repurchase program at an average price of $93.44 per share, for an aggregate cost of $200.3 million, bringing the total repurchases by the Company for the year ended December 31, 2024 to 4,349,779 shares of its common stock for an aggregate cost of $386.0 million. As of December 31, 2024, the Company had $813.0 million in repurchase authority remaining under the equity repurchase program.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 13, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 31, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2024 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, impairment of goodwill and intangible assets, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and nonrecurring income tax benefit from release of valuation allowance, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2024

 

2023

 

2024

 

2023

Operating revenues:

 

 

 

 

 

 

 

Casino

$

1,112,191

 

 

$

1,065,958

 

 

$

4,261,357

 

 

$

3,718,402

 

Rooms

 

325,358

 

 

 

347,299

 

 

 

1,242,058

 

 

 

1,185,671

 

Food and beverage

 

258,178

 

 

 

271,558

 

 

 

1,069,117

 

 

 

1,028,637

 

Entertainment, retail and other

 

143,070

 

 

 

155,645

 

 

 

555,429

 

 

 

599,187

 

Total operating revenues

 

1,838,797

 

 

 

1,840,460

 

 

 

7,127,961

 

 

 

6,531,897

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

679,534

 

 

 

643,910

 

 

 

2,586,960

 

 

 

2,238,671

 

Rooms

 

84,368

 

 

 

82,857

 

 

 

330,359

 

 

 

307,132

 

Food and beverage

 

212,075

 

 

 

216,947

 

 

 

859,426

 

 

 

822,323

 

Entertainment, retail and other

 

59,542

 

 

 

79,402

 

 

 

249,679

 

 

 

340,437

 

General and administrative

 

272,303

 

 

 

279,484

 

 

 

1,080,475

 

 

 

1,065,022

 

Provision for credit losses

 

634

 

 

 

2,350

 

 

 

4,986

 

 

 

(3,964

)

Pre-opening

 

3,305

 

 

 

2,646

 

 

 

9,355

 

 

 

9,468

 

Depreciation and amortization

 

151,284

 

 

 

176,527

 

 

 

658,895

 

 

 

687,270

 

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

8,857

 

 

 

(1,388

)

 

 

215,095

 

 

 

130,877

 

Total operating expenses

 

1,471,902

 

 

 

1,482,735

 

 

 

5,995,230

 

 

 

5,691,726

 

Operating income

 

366,895

 

 

 

357,725

 

 

 

1,132,731

 

 

 

840,171

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

24,557

 

 

 

44,931

 

 

 

130,342

 

 

 

175,785

 

Interest expense, net of amounts capitalized

 

(163,488

)

 

 

(184,955

)

 

 

(688,410

)

 

 

(751,509

)

Change in derivatives fair value

 

50,398

 

 

 

48,353

 

 

 

42,478

 

 

 

45,098

 

Loss on debt financing transactions

 

(1,243

)

 

 

—

 

 

 

(2,913

)

 

 

(12,683

)

Other

 

3,847

 

 

 

8,315

 

 

 

29,170

 

 

 

(11,479

)

Other income (expense), net

 

(85,929

)

 

 

(83,356

)

 

 

(489,333

)

 

 

(554,788

)

Income before income taxes

 

280,966

 

 

 

274,369

 

 

 

643,398

 

 

 

285,383

 

Benefit (provision) for income taxes

 

41,394

 

 

 

499,408

 

 

 

(3,682

)

 

 

496,834

 

Net income

 

322,360

 

 

 

773,777

 

 

 

639,716

 

 

 

782,217

 

Less: net income attributable to noncontrolling interests

 

(45,388

)

 

 

(44,621

)

 

 

(138,638

)

 

 

(52,223

)

Net income attributable to Wynn Resorts, Limited

$

276,972

 

 

$

729,156

 

 

$

501,078

 

 

$

729,994

 

Basic and diluted net income per common share:

 

 

 

 

 

 

 

Net income attributable to Wynn Resorts, Limited:

 

 

 

 

 

Basic

$

2.56

 

 

$

6.53

 

 

$

4.56

 

 

$

6.49

 

Diluted

$

2.29

 

 

$

6.19

 

 

$

4.35

 

 

$

6.32

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

108,199

 

 

 

111,661

 

 

 

109,966

 

 

 

112,523

 

Diluted

 

108,652

 

 

 

112,033

 

 

 

110,267

 

 

 

112,855

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited) 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2024

 

2023

 

2024

 

2023

Net income attributable to Wynn Resorts, Limited

$

276,972

 

 

$

729,156

 

 

$

501,078

 

 

$

729,994

 

Pre-opening expenses

 

3,305

 

 

 

2,646

 

 

 

9,355

 

 

 

9,468

 

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

8,857

 

 

 

(1,388

)

 

 

215,095

 

 

 

130,877

 

Change in derivatives fair value

 

(50,398

)

 

 

(48,353

)

 

 

(42,478

)

 

 

(45,098

)

Loss on debt financing transactions

 

1,243

 

 

 

—

 

 

 

2,913

 

 

 

12,683

 

Foreign currency remeasurement and other

 

(3,847

)

 

 

(8,315

)

 

 

(29,170

)

 

 

11,479

 

Income tax impact on adjustments

 

12,564

 

 

 

(1,033

)

 

 

(7,784

)

 

 

(2,088

)

Nonrecurring income tax benefit from release of valuation allowance

 

—

 

 

 

(474,214

)

 

 

—

 

 

 

(474,214

)

Noncontrolling interests impact on adjustments

 

14,643

 

 

 

15,160

 

 

 

14,538

 

 

 

(5,243

)

Adjusted net income attributable to Wynn Resorts, Limited

$

263,339

 

 

$

213,659

 

 

$

663,547

 

 

$

462,348

 

Adjusted net income attributable to Wynn Resorts, Limited per diluted share

$

2.42

 

 

$

1.91

 

 

$

6.02

 

 

$

4.10

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

108,652

 

 

 

112,033

 

 

 

110,267

 

 

 

112,855

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited) 

 

 

Three Months Ended December 31, 2024

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

107,661

 

$

67,874

 

$

(14,718

)

 

$

160,817

 

$

160,689

 

$

(2,088

)

 

$

47,477

 

 

$

366,895

Pre-opening expenses

 

17

 

 

690

 

 

—

 

 

 

707

 

 

288

 

 

—

 

 

 

2,310

 

 

 

3,305

Depreciation and amortization

 

53,308

 

 

19,963

 

 

398

 

 

 

73,669

 

 

61,389

 

 

12,952

 

 

 

3,274

 

 

 

151,284

Property charges and other

 

2,189

 

 

4,847

 

 

16

 

 

 

7,052

 

 

1,563

 

 

86

 

 

 

156

 

 

 

8,857

Management and license fees

 

17,931

 

 

11,273

 

 

—

 

 

 

29,204

 

 

33,521

 

 

10,353

 

 

 

(73,078

)

 

 

—

Corporate expenses and other

 

2,256

 

 

2,227

 

 

13,151

 

 

 

17,634

 

 

8,211

 

 

1,802

 

 

 

10,790

 

 

 

38,437

Stock-based compensation

 

1,236

 

 

1,287

 

 

1,153

 

 

 

3,676

 

 

1,786

 

 

290

 

 

 

9,071

 

 

 

14,823

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

35,449

 

 

 

—

 

 

 

35,449

Adjusted Property EBITDAR

$

184,598

 

$

108,161

 

$

—

 

 

$

292,759

 

$

267,447

 

$

58,844

 

 

$

—

 

 

$

619,050

 

Three Months Ended December 31, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

95,071

 

$

90,545

 

 

$

(15,860

)

 

$

169,756

 

 

$

167,080

 

$

(15,865

)

 

$

36,754

 

 

$

357,725

 

Pre-opening expenses

 

93

 

 

—

 

 

 

—

 

 

 

93

 

 

 

—

 

 

33

 

 

 

2,520

 

 

 

2,646

 

Depreciation and amortization

 

54,502

 

 

20,165

 

 

 

381

 

 

 

75,048

 

 

 

60,730

 

 

31,220

 

 

 

9,529

 

 

 

176,527

 

Property charges and other

 

451

 

 

(676

)

 

 

4

 

 

 

(221

)

 

 

389

 

 

710

 

 

 

(2,266

)

 

 

(1,388

)

Management and license fees

 

16,782

 

 

12,029

 

 

 

—

 

 

 

28,811

 

 

 

33,387

 

 

10,665

 

 

 

(72,863

)

 

 

—

 

Corporate expenses and other

 

2,733

 

 

2,175

 

 

 

14,397

 

 

 

19,305

 

 

 

7,369

 

 

1,824

 

 

 

15,590

 

 

 

44,088

 

Stock-based compensation

 

1,501

 

 

1,579

 

 

 

1,078

 

 

 

4,158

 

 

 

1,830

 

 

402

 

 

 

8,986

 

 

 

15,376

 

Triple-net operating lease rent expense

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

35,404

 

 

 

—

 

 

 

35,404

 

Adjusted Property EBITDAR

$

171,133

 

$

125,817

 

 

$

—

 

 

$

296,950

 

 

$

270,785

 

$

64,393

 

 

$

(1,750

)

 

$

630,378

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited) 

 

 

Year Ended December 31, 2024

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

414,919

 

$

296,392

 

$

(39,029

)

 

$

672,282

 

$

403,836

 

$

(32,935

)

 

$

89,548

 

 

$

1,132,731

Pre-opening expenses

 

17

 

 

690

 

 

—

 

 

 

707

 

 

1,908

 

 

649

 

 

 

6,091

 

 

 

9,355

Depreciation and amortization

 

219,729

 

 

79,700

 

 

1,563

 

 

 

300,992

 

 

243,089

 

 

88,794

 

 

 

26,020

 

 

 

658,895

Property charges and other

 

14,760

 

 

5,558

 

 

140

 

 

 

20,458

 

 

134,105

 

 

(1,529

)

 

 

62,061

 

 

 

215,095

Management and license fees

 

70,913

 

 

45,561

 

 

—

 

 

 

116,474

 

 

122,054

 

 

41,836

 

 

 

(280,364

)

 

 

—

Corporate expenses and other

 

8,713

 

 

8,815

 

 

32,958

 

 

 

50,486

 

 

32,141

 

 

7,288

 

 

 

58,321

 

 

 

148,236

Stock-based compensation

 

4,659

 

 

5,136

 

 

4,368

 

 

 

14,163

 

 

9,629

 

 

1,449

 

 

 

33,788

 

 

 

59,029

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

141,576

 

 

 

—

 

 

 

141,576

Adjusted Property EBITDAR

$

733,710

 

$

441,852

 

$

—

 

 

$

1,175,562

 

$

946,762

 

$

247,128

 

 

$

(4,535

)

 

$

2,364,917

 

Year Ended December 31, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

307,698

 

$

190,126

 

$

(32,157

)

 

$

465,667

 

$

551,128

 

$

(60,887

)

 

$

(115,737

)

 

$

840,171

Pre-opening expenses

 

93

 

 

—

 

 

—

 

 

 

93

 

 

81

 

 

1,286

 

 

 

8,008

 

 

 

9,468

Depreciation and amortization

 

216,562

 

 

81,673

 

 

1,522

 

 

 

299,757

 

 

232,685

 

 

122,452

 

 

 

32,376

 

 

 

687,270

Impairment of goodwill and intangible assets

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

94,490

 

 

 

94,490

Property charges and other

 

13,365

 

 

9,807

 

 

19

 

 

 

23,191

 

 

8,863

 

 

1,419

 

 

 

97,404

 

 

 

130,877

Management and license fees

 

60,377

 

 

38,019

 

 

—

 

 

 

98,396

 

 

118,019

 

 

42,179

 

 

 

(258,594

)

 

 

—

Corporate expenses and other

 

10,208

 

 

9,766

 

 

26,431

 

 

 

46,405

 

 

28,519

 

 

7,517

 

 

 

63,989

 

 

 

146,430

Stock-based compensation

 

7,543

 

 

8,700

 

 

4,185

 

 

 

20,428

 

 

6,948

 

 

1,721

 

 

 

35,418

 

 

 

64,515

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

141,722

 

 

 

—

 

 

 

141,722

Adjusted Property EBITDAR

$

615,846

 

$

338,091

 

$

—

 

 

$

953,937

 

$

946,243

 

$

257,409

 

 

$

(42,646

)

 

$

2,114,943

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited) 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2024

 

2023

 

2024

 

2023

Net income attributable to Wynn Resorts, Limited

$

276,972

 

 

$

729,156

 

 

$

501,078

 

 

$

729,994

 

Net income attributable to noncontrolling interests

 

45,388

 

 

 

44,621

 

 

 

138,638

 

 

 

52,223

 

Pre-opening expenses

 

3,305

 

 

 

2,646

 

 

 

9,355

 

 

 

9,468

 

Depreciation and amortization

 

151,284

 

 

 

176,527

 

 

 

658,895

 

 

 

687,270

 

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

8,857

 

 

 

(1,388

)

 

 

215,095

 

 

 

130,877

 

Triple-net operating lease rent expense

 

35,449

 

 

 

35,404

 

 

 

141,576

 

 

 

141,722

 

Corporate expenses and other

 

38,437

 

 

 

44,088

 

 

 

148,236

 

 

 

146,430

 

Stock-based compensation

 

14,823

 

 

 

15,376

 

 

 

59,029

 

 

 

64,515

 

Interest income

 

(24,557

)

 

 

(44,931

)

 

 

(130,342

)

 

 

(175,785

)

Interest expense, net of amounts capitalized

 

163,488

 

 

 

184,955

 

 

 

688,410

 

 

 

751,509

 

Change in derivatives fair value

 

(50,398

)

 

 

(48,353

)

 

 

(42,478

)

 

 

(45,098

)

Loss on debt financing transactions

 

1,243

 

 

 

—

 

 

 

2,913

 

 

 

12,683

 

Other

 

(3,847

)

 

 

(8,315

)

 

 

(29,170

)

 

 

11,479

 

(Benefit) provision for income taxes

 

(41,394

)

 

 

(499,408

)

 

 

3,682

 

 

 

(496,834

)

Adjusted Property EBITDAR

$

619,050

 

 

$

630,378

 

 

$

2,364,917

 

 

$

2,114,943

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) 

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

458,816

 

 

$

417,273

 

 

10.0

 

 

$

1,795,604

 

 

$

1,471,280

 

 

22.0

 

Rooms

 

49,649

 

 

 

50,472

 

 

(1.6

)

 

 

202,936

 

 

 

201,783

 

 

0.6

 

Food and beverage

 

31,993

 

 

 

29,538

 

 

8.3

 

 

 

125,398

 

 

 

104,566

 

 

19.9

 

Entertainment, retail and other

 

22,473

 

 

 

27,075

 

 

(17.0

)

 

 

93,733

 

 

 

109,215

 

 

(14.2

)

Total

$

562,931

 

 

$

524,358

 

 

7.4

 

 

$

2,217,671

 

 

$

1,886,844

 

 

17.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

184,598

 

 

$

171,133

 

 

7.9

 

 

$

733,710

 

 

$

615,846

 

 

19.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

56

 

 

 

59

 

 

(5.1

)

 

 

57

 

 

 

56

 

 

1.8

 

VIP turnover

$

3,060,994

 

 

$

3,161,083

 

 

(3.2

)

 

$

12,991,235

 

 

$

11,363,248

 

 

14.3

 

VIP table games win (1)

$

107,438

 

 

$

93,892

 

 

14.4

 

 

$

449,461

 

 

$

383,384

 

 

17.2

 

VIP table games win as a % of turnover

 

3.51

%

 

 

2.97

%

 

 

 

 

3.46

%

 

 

3.37

%

 

 

Table games win per unit per day

$

20,935

 

 

$

17,381

 

 

20.4

 

 

$

21,495

 

 

$

18,744

 

 

14.7

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

246

 

 

 

245

 

 

0.4

 

 

 

245

 

 

 

242

 

 

1.2

 

Table drop (2)

$

1,678,073

 

 

$

1,711,850

 

 

(2.0

)

 

$

6,893,092

 

 

$

6,126,841

 

 

12.5

 

Table games win (1)

$

435,465

 

 

$

404,468

 

 

7.7

 

 

$

1,686,503

 

 

$

1,373,436

 

 

22.8

 

Table games win %

 

26.0

%

 

 

23.6

%

 

 

 

 

24.5

%

 

 

22.4

%

 

 

Table games win per unit per day

$

19,214

 

 

$

17,934

 

 

7.1

 

 

$

18,770

 

 

$

15,574

 

 

20.5

 

Average number of slot machines

 

634

 

 

 

585

 

 

8.4

 

 

 

603

 

 

 

580

 

 

4.0

 

Slot machine handle

$

704,360

 

 

$

624,688

 

 

12.8

 

 

$

2,519,983

 

 

$

2,385,033

 

 

5.7

 

Slot machine win (3)

$

25,698

 

 

$

27,580

 

 

(6.8

)

 

$

109,488

 

 

$

102,816

 

 

6.5

 

Slot machine win per unit per day

$

440

 

 

$

512

 

 

(14.1

)

 

$

496

 

 

$

486

 

 

2.1

 

Poker rake

$

—

 

 

$

—

 

 

NM

 

 

$

736

 

 

$

—

 

 

NM

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

98.4

%

 

 

98.3

%

 

 

 

 

98.6

%

 

 

94.9

%

 

 

ADR (4)

$

296

 

 

$

311

 

 

(4.8

)

 

$

310

 

 

$

323

 

 

(4.0

)

REVPAR (5)

$

291

 

 

$

306

 

 

(4.9

)

 

$

306

 

 

$

306

 

 

—

 

NM - Not meaningful.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued) 

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

306,500

 

 

$

320,642

 

 

(4.4

)

 

$

1,230,351

 

 

$

970,269

 

 

26.8

 

Rooms

 

24,515

 

 

 

29,534

 

 

(17.0

)

 

 

100,631

 

 

 

109,308

 

 

(7.9

)

Food and beverage

 

20,233

 

 

 

20,762

 

 

(2.5

)

 

 

80,779

 

 

 

68,017

 

 

18.8

 

Entertainment, retail and other

 

12,428

 

 

 

15,261

 

 

(18.6

)

 

 

52,885

 

 

 

65,940

 

 

(19.8

)

Total

$

363,676

 

 

$

386,199

 

 

(5.8

)

 

$

1,464,646

 

 

$

1,213,534

 

 

20.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

108,161

 

 

$

125,817

 

 

(14.0

)

 

$

441,852

 

 

$

338,091

 

 

30.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

31

 

 

 

30

 

 

3.3

 

 

 

30

 

 

 

41

 

 

(26.8

)

VIP turnover

$

1,092,611

 

 

$

1,405,523

 

 

(22.3

)

 

$

5,047,888

 

 

$

5,132,628

 

 

(1.7

)

VIP table games win (1)

$

54,730

 

 

$

61,362

 

 

(10.8

)

 

$

177,435

 

 

$

191,936

 

 

(7.6

)

VIP table games win as a % of turnover

 

5.01

%

 

 

4.37

%

 

 

 

 

3.52

%

 

 

3.74

%

 

 

Table games win per unit per day

$

19,237

 

 

$

22,233

 

 

(13.5

)

 

$

16,084

 

 

$

12,699

 

 

26.7

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

220

 

 

 

221

 

 

(0.5

)

 

 

221

 

 

 

216

 

 

2.3

 

Table drop (2)

$

1,543,261

 

 

$

1,558,372

 

 

(1.0

)

 

$

6,344,794

 

 

$

5,155,929

 

 

23.1

 

Table games win (1)

$

276,817

 

 

$

297,671

 

 

(7.0

)

 

$

1,164,012

 

 

$

910,825

 

 

27.8

 

Table games win %

 

17.9

%

 

 

19.1

%

 

 

 

 

18.3

%

 

 

17.7

%

 

 

Table games win per unit per day

$

13,668

 

 

$

14,655

 

 

(6.7

)

 

$

14,367

 

 

$

11,560

 

 

24.3

 

Average number of slot machines

 

639

 

 

 

557

 

 

14.7

 

 

 

615

 

 

 

530

 

 

16.0

 

Slot machine handle

$

785,967

 

 

$

652,498

 

 

20.5

 

 

$

3,133,488

 

 

$

2,212,196

 

 

41.6

 

Slot machine win (3)

$

26,426

 

 

$

20,775

 

 

27.2

 

 

$

103,030

 

 

$

68,667

 

 

50.0

 

Slot machine win per unit per day

$

449

 

 

$

405

 

 

10.9

 

 

$

458

 

 

$

355

 

 

29.0

 

Poker rake

$

3,444

 

 

$

4,460

 

 

(22.8

)

 

$

15,275

 

 

$

18,266

 

 

(16.4

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

99.4

%

 

 

99.4

%

 

 

 

 

99.3

%

 

 

96.5

%

 

 

ADR (4)

$

240

 

 

$

282

 

 

(14.9

)

 

$

248

 

 

$

281

 

 

(11.7

)

REVPAR (5)

$

238

 

 

$

281

 

 

(15.3

)

 

$

246

 

 

$

271

 

 

(9.2

)

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued) 

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

190,065

 

 

$

167,579

 

 

13.4

 

 

$

600,088

 

 

$

628,185

 

 

(4.5

)

Rooms

 

228,589

 

 

 

242,993

 

 

(5.9

)

 

 

845,660

 

 

 

784,385

 

 

7.8

 

Food and beverage

 

184,734

 

 

 

199,706

 

 

(7.5

)

 

 

778,538

 

 

 

770,401

 

 

1.1

 

Entertainment, retail and other

 

96,151

 

 

 

86,526

 

 

11.1

 

 

 

347,627

 

 

 

297,635

 

 

16.8

 

Total

$

699,539

 

 

$

696,804

 

 

0.4

 

 

$

2,571,913

 

 

$

2,480,606

 

 

3.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

267,447

 

 

$

270,785

 

 

(1.2

)

 

$

946,762

 

 

$

946,243

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

226

 

 

 

232

 

 

(2.6

)

 

 

232

 

 

 

233

 

 

(0.4

)

Table drop (2)

$

655,038

 

 

$

657,564

 

 

(0.4

)

 

$

2,376,473

 

 

$

2,425,621

 

 

(2.0

)

Table games win (1)

$

202,326

 

 

$

167,106

 

 

21.1

 

 

$

611,663

 

 

$

599,001

 

 

2.1

 

Table games win %

 

30.9

%

 

 

25.4

%

 

 

 

 

25.7

%

 

 

24.7

%

 

 

Table games win per unit per day

$

9,729

 

 

$

7,816

 

 

24.5

 

 

$

7,200

 

 

$

7,038

 

 

2.3

 

Average number of slot machines

 

1,599

 

 

 

1,631

 

 

(2.0

)

 

 

1,609

 

 

 

1,645

 

 

(2.2

)

Slot machine handle

$

1,912,711

 

 

$

1,689,839

 

 

13.2

 

 

$

6,752,952

 

 

$

6,423,374

 

 

5.1

 

Slot machine win (3)

$

123,609

 

 

$

125,950

 

 

(1.9

)

 

$

446,152

 

 

$

451,833

 

 

(1.3

)

Slot machine win per unit per day

$

840

 

 

$

840

 

 

—

 

 

$

758

 

 

$

752

 

 

0.8

 

Poker rake

$

7,948

 

 

$

9,477

 

 

(16.1

)

 

$

24,599

 

 

$

25,720

 

 

(4.4

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

88.1

%

 

 

88.9

%

 

 

 

 

89.0

%

 

 

89.6

%

 

 

ADR (4)

$

598

 

 

$

631

 

 

(5.2

)

 

$

555

 

 

$

513

 

 

8.2

 

REVPAR (5)

$

527

 

 

$

561

 

 

(6.1

)

 

$

494

 

 

$

459

 

 

7.6

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR, and REVPAR)

(unaudited) (continued) 

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

156,810

 

 

$

160,464

 

 

(2.3

)

 

$

635,314

 

 

$

648,668

 

 

(2.1

)

Rooms

 

22,605

 

 

 

24,300

 

 

(7.0

)

 

 

92,831

 

 

 

90,195

 

 

2.9

 

Food and beverage

 

21,218

 

 

 

21,552

 

 

(1.5

)

 

 

84,402

 

 

 

85,653

 

 

(1.5

)

Entertainment, retail and other

 

12,018

 

 

 

10,829

 

 

11.0

 

 

 

44,617

 

 

 

41,270

 

 

8.1

 

Total

$

212,651

 

 

$

217,145

 

 

(2.1

)

 

$

857,164

 

 

$

865,786

 

 

(1.0

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

58,844

 

 

$

64,393

 

 

(8.6

)

 

$

247,128

 

 

$

257,409

 

 

(4.0

)

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

172

 

 

 

185

 

 

(7.0

)

 

 

180

 

 

 

191

 

 

(5.8

)

Table drop (2)

$

337,570

 

 

$

358,324

 

 

(5.8

)

 

$

1,410,319

 

 

$

1,422,416

 

 

(0.9

)

Table games win (1)

$

69,873

 

 

$

78,720

 

 

(11.2

)

 

$

297,369

 

 

$

308,890

 

 

(3.7

)

Table games win %

 

20.7

%

 

 

22.0

%

 

 

 

 

21.1

%

 

 

21.7

%

 

 

Table games win per unit per day

$

4,412

 

 

$

4,621

 

 

(4.5

)

 

$

4,519

 

 

$

4,429

 

 

2.0

 

Average number of slot machines

 

2,694

 

 

 

2,560

 

 

5.2

 

 

 

2,633

 

 

 

2,550

 

 

3.3

 

Slot machine handle

$

1,402,942

 

 

$

1,323,309

 

 

6.0

 

 

$

5,604,462

 

 

$

5,256,696

 

 

6.6

 

Slot machine win (3)

$

108,379

 

 

$

105,061

 

 

3.2

 

 

$

424,152

 

 

$

421,190

 

 

0.7

 

Slot machine win per unit per day

$

437

 

 

$

446

 

 

(2.0

)

 

$

440

 

 

$

452

 

 

(2.7

)

Poker rake

$

5,328

 

 

$

5,389

 

 

(1.1

)

 

$

21,750

 

 

$

21,505

 

 

1.1

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

91.1

%

 

 

93.3

%

 

 

 

 

93.6

%

 

 

93.0

%

 

 

ADR (4)

$

416

 

 

$

424

 

 

(1.9

)

 

$

412

 

 

$

398

 

 

3.5

 

REVPAR (5)

$

379

 

 

$

395

 

 

(4.1

)

 

$

385

 

 

$

370

 

 

4.1

 

(1)

Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)

In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.

(3)

Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)

ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.

(5)

REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.

(6)

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250212433659/en/

Lauren Seiler 702-770-7555 investorrelations@wynnresorts.com