Wynn reports $1.8 billion in Q4 revenue, highlights UAE focus in call with investors

Wynn Resorts has released its fourth-quarter 2024 earnings, reporting $1.84 billion in revenue, a figure unchanged from the same period in 2023. Net income for Q4 2024 came in at $277 million, down from $729.2 million in Q4 2023, though the previous year’s income was inflated by a $474.2 million tax benefit.

"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 Wynn Resorts CEO Craig Billings.

Las Vegas and Wynn Palace in Macau showed revenue gains, while Encore Boston Harbor and Wynn Macau experienced slight declines. Adjusted Property EBITDAR for Q4 2024 was $619.1 million, down $11.3 million from the previous year.

Construction of Wynn Al Marjan Island

In the company's call with investors, Wynn discussed the construction of Wynn Al Marjan Island, its multi-billion-dollar integrated resort in Ras Al Khaimah, UAE, which remains on track for a March 2027 opening. Billings stated that the UAE gaming market could be worth $3 billion to $5 billion, making it a crucial focus for Wynn’s expansion.

The company recently secured a $2.4 billion financing package for the project, which CFO Julie Camandot described as the largest hospitality financing in UAE history. Wynn contributed $99 million in Q4, bringing its total investment in the project to $631.7 million.

Asked about what he thinks about potential competition in the UAE, Billings highlighted the company's first-to-market advantage. “We don’t believe that every emirate will avail themselves of potential licenses, by any means, actually,” Billings said. "As of now, we don’t see line of sight on that potential second license.”

As for other development plans, Wynn continues to own 34 acres of undeveloped land in Las Vegas, but no immediate construction plans were announced.

Wynn Resorts continued aggressive share repurchases, buying back 2.14 million shares in Q4 2024 for $200.3 million, bringing total repurchases for the year to 4.35 million shares at a total cost of $386 million. The company also declared a $0.25 per share dividend, payable on March 5, 2025, for shareholders of record as of February 24, 2025.

Following the earnings release, Wynn’s stock price briefly rose to $85.51 in after-hours trading before settling at $81.10. The company’s revenue met analyst expectations, while adjusted earnings per share (EPS) of $2.42 exceeded forecasts of $1.22.

Wynn seeking UAE customers in London

During the quarter, Wynn announced its acquisition of Crown London, a private gaming club in the UK capital, a move designed to expand its presence in key global markets. The deal, though small in scale, is expected to strengthen Wynn’s high-end VIP customer base, particularly among visitors from the UK, India, and the Middle East.

"This acquisition of an iconic asset offers us a presence in a global gateway city and will create a conduit for Wynn guests to visit our resorts," said Billings at the time. He highlighted how Crown London, formerly known as London Aspinalls, serves an international clientele, making it a valuable tool to attract visitors to Wynn Al Marjan Island.

Wynn Resorts CEO Craig Billings

Industry analysts see Wynn’s London move as a calculated step rather than a major revenue driver. CBRE’s John DeCree noted that while Crown London does not generate notable cash flow, it provides a unique marketing advantage for Wynn’s expansion into new territories.

“That said, we view this as a very strategic purchase for Wynn. Aspinalls caters to very high-end VIP gaming customers from London but also internationally, including from Asia, India, and the Middle East, making it a very unique customer acquisition tool for Wynn Al Marjan Island,” DeCree stated. 

Crown London interior 

The purchase was discussed during the Q4 call with investors. In his opening remarks, Billings called it a “small but strategic asset in central London where many of our future Al Marjan customers” spend a meaningful amount of time.

He later expanded by saying that Aspinal will ultimately “report up” to Al Marjan. Billings said that taken together, 40% of the world’s millionaires are among the 2.5 billion people who live in those areas. The CEO further suggested there may be similar acquisitions going forward.