Wynn reports $1.73 billion in Q2 revenue, driven by Macau and Las Vegas performances

Casino giant Wynn Resorts reported operating revenues of $1.73 billion for the quarter ending June 30, an 8% increase from $1.60 billion in the same period of the previous year. The rise in revenues for the second quarter of 2024 reflected growth across several of the company's key properties.

Net income attributable to Wynn Resorts was $111.9 million, up from $105.2 million in Q2 2023. The company also reported an Adjusted Property EBITDAR of $571.7 million, up from $524.5 million in the previous year, marking a record second-quarter result for the company.

"Our second quarter results, including a new second-quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston," said Craig Billings, CEO of Wynn Resorts, Limited.

"Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace. During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan."

The company reported total operating revenues of $885.3 million for its Macau operations, which represents a 15% increase year-on-year but an 11.3% decline compared to the previous quarter. Adjusted Property EBITDAR for Macau fell 17.4% quarter-on-quarter to $280.4 million, primarily due to a weaker performance from the Wynn Macau property on the peninsula.

The peninsula property reported operating revenues of $337.3 million for Q2, an 11.8% increase year-on-year but an 18% decline sequentially. The revenue breakdown included mass table games win of $280.8 million, VIP table games win of $25.2 million, and slots win of $26.0 million. Adjusted Property EBITDAR for Wynn Macau was $95.9 million.

Meanwhile, at Cotai's Wynn Palace, operating revenues increased 17.0% year-on-year to $548.0 million, though this was a 6.6% decline quarter-on-quarter. The revenue included $445.0 million from casino operations, a 21.8% year-on-year increase. Mass table games win was $409.4 million, VIP table games win was $115.3 million, and slots win was $25.6 million. Hotel occupancy at Wynn Palace was 98.9%.

The Las Vegas operations of Wynn Resorts recorded operating revenues of $609.1 million in Q2 2024, up 8.5% from $561.1 million in Q2 2023. Adjusted Property EBITDAR for Las Vegas was $215.0 million, up from $204.5 million the previous year. Table games win percentage was 21.9%, slightly below the property's expected range of 22% to 26% and below the 22.9% experienced in the second quarter of 2023.

However, Encore Boston Harbor saw a decline in operating revenues, reporting $234 million, down from $238.5 million in Q2 2023. Adjusted Property EBITDAR for Encore Boston Harbor also decreased to $62 million from $68.4 million in the same period last year.

Wynn Resorts declared a quarterly cash dividend of $0.25 per share, which will be payable on August 31, 2024. In its Q2 call with investors, officials for the company confirmed interest in exploring a casino project in Thailand, and reported significant progress on the integrated resort development in the UAE.