Wynn Resorts reports $1.69bn in Q3 2024 revenue as net loss narrows by 72%
Wynn Resorts posted a slight 1.3% increase in revenue for the third quarter, while its net loss decreased significantly, driven by strong performance in Macau and offset by declines in Las Vegas.
Key points:
– Q3 2024 revenue rose by 1.3% to $1.69bn from $1.67bn in Q3 2023
– Net loss reduced by 72% from $116.7m to $32.1m
– Wynn Macau revenue increased by 19.3%, while Las Vegas operations saw a 1.9% decline
Wynn Resorts has reported $1.69bn in revenue for the third quarter of 2024, a 1.3% increase year-on-year.
The operator also significantly narrowed its net loss significantly to $32.1m. Diluted net loss per share improved by 71.8%, falling to $0.29.
Adjusted property EBITDAR saw a slight decline of 0.5%, reaching $527.7m. The financial performance was bolstered by Wynn Macau, which posted a 19.3% revenue increase to $352.0m.
Conversely, Wynn Palace experienced a 1% drop in revenue, down to $519.8m. Las Vegas operations also declined, with revenues falling by 1.9% to $607.2m. Encore Boston Harbor reported a 1.8% increase, with revenue climbing to $214.1m.
Table games performance across the properties showed mixed results. Wynn Macau’s mass market table games win percentage rose by 12.1% to 18.5%, while its VIP win percentage slightly increased to 3.61%, a rise of 2.6%.
Wynn Palace’s VIP win percentage decreased by 11.1%, falling to 3.04%. In Las Vegas, the table games win percentage dropped by 10.4% to 23.3%.
Good to know: Wynn Resorts continues its strategic investments, contributing an additional $18.2m to the Wynn Al Marjan Island project in the UAE this quarter. The total contributions to the project have now reached $532.6m, with the resort expected to open in 2027
Wynn also announced an expanded share repurchase program, increasing its authorisation to $1bn. The company repurchased 1.46m shares during the quarter at an average price of $80.37 per share, totalling $117.7m.
Earlier in 2024, Wynn reported an 8.6% revenue increase in Q2, reaching $1.73bn, supported by strong results in Macau.
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