Key points:
- Wynn Resorts posted $7.13bn in full-year revenue for 2024, an increase of 9.1% from 2023
- Net income in Q4 2024 fell by 62% to $277m, largely due to the absence of a $474.2m tax benefit recorded in Q4 2023
- Macau operations saw annual revenue increase by 14.6%, while Las Vegas revenue grew by just 1.2%
Wynn Resorts ended 2024 with $7.13bn in total revenue, up 9.1% year-on-year. However, net income attributable to the company declined to $501.1m, down 31.4%.
The company’s fourth-quarter revenue remained flat at $1.84bn, with growth in Macau offset by modest results in the US Adjusted Property EBITDAR for Q4, which dropped 1.8% to $619.1m.
Macau drives strong growth with 14.6% revenue increase
Macau continues to be the company’s strongest market, with full-year revenue for the region increasing 14.6% from 2023.
Wynn Palace generated $562.9m in Q4 revenue, up 7.3%. The property’s mass table games win percentage climbed to 26.0%, compared to 23.6% last year, while VIP table games win percentage increased from 2.97% to 3.51%, exceeding the expected range.
Wynn Macau reported $363.7m in revenue for Q4 2024, down 5.8%. Adjusted Property EBITDAR at Wynn Macau dropped 14% to $108.2m, reflecting a decline in mass-market gaming performance.
Table games win percentage in the mass segment fell to 17.9%, compared to 19.1% in the previous year, while VIP win percentage rose from 4.37% to 5.01%, demonstrating continued strength in high-stakes gaming.
Macau’s full-year results reinforced Wynn’s dependence on the region for revenue growth. In Q3 2024, Wynn Macau posted a 19.3% increase in revenue, contributing to a 1.3% rise in total quarterly revenue.
Las Vegas revenue grows 1.2%, but EBITDAR declines
Las Vegas operations reported $699.5m in Q4 revenue, up 0.4%. Full-year revenue for Las Vegas properties increased 1.2% to $3.02bn.
However, despite minor revenue growth, Adjusted Property EBITDAR in Las Vegas declined 1.2% to $267.4m in Q4. Gaming results showed mixed trends, with the table games win percentage rising to 30.9%, significantly higher than 25.4% in Q4 2023.
Earlier in 2024, Las Vegas operations showed weaker performance, with Q3 revenue falling 1.9% compared to 2023. The company’s full-year numbers now indicate that demand has stabilised, but without significant growth.
Encore Boston Harbor revenue falls 2.1% in Q4
Encore Boston Harbor reported $212.7m in Q4 revenue, representing a 2.1% decline. Adjusted Property EBITDAR fell 8.7% to $58.8m.
Table games win percentage for the quarter stood at 20.7%, below the 22.0% recorded in Q4 2023, indicating slightly weaker gaming activity.
Wynn Al Marjan Island development moves forward
Wynn Resorts continued its investment in its first integrated resort outside of North America and Asia. The company contributed $99m to the Wynn Al Marjan Island development in the UAE during Q4 2024, bringing its total investment to $631.7m.
Good to know: The project, expected to open in 2027, remains a critical part of Wynn’s long-term strategy. Earlier in the year, the company invested $18.2m in Q3, highlighting its ongoing commitment to the development.
Stock buybacks increase by 41% in 2024
Wynn Resorts continued its share repurchase strategy, buying back 2.14m shares in Q4 at an average price of $93.44 per share, for a total expenditure of $200.3m. This brought total buybacks for 2024 to 4.35m shares, representing a 41% increase in repurchase volume compared to 2023.
The company had previously expanded its share repurchase program to $1bn, allowing for continued buybacks as part of its capital return strategy. In addition, Wynn declared a quarterly cash dividend of $0.25 per share, payable in early March 2025.
The company’s share price at the time of writing currently sits at $80.46.
Past performance and market trends
Wynn Resorts’ 2024 performance continued the trend of gradual financial recovery seen throughout the year.
In Q3 2024, revenue rose 1.3% to $1.69bn, while the company narrowed its net loss by 72%, reducing it from $116.7m in Q3 2023 to $32.1m. Wynn Macau had played a key role in those results, posting a 19.3% revenue increase, while Wynn Palace recorded a 1% decline.
Earlier in 2024, Wynn had also reported an 8.6% revenue increase in Q2, with Macau remaining the primary source of growth.
Looking ahead, Wynn Resorts is focusing on international expansion, digital gaming investment and shareholder returns. While Macau continues to drive performance, domestic market conditions remain challenging, requiring strategic adjustments to sustain long-term growth.
