Wynn Resorts reports revenue rise and shrinking loss in Q3; highlights progress in UAE expansion

Wynn Resorts has reported a slight revenue increase for the third quarter of 2024, amid robust demand across its international properties and ongoing expansion into emerging markets. The Las Vegas-based casino and hospitality company announced that operating revenues for Q3 2024 rose to $1.69 billion, up by $21.4 million compared to $1.67 billion in the same period last year.

Wynn also reported a substantial reduction in its net loss, which narrowed to $32.1 million from $116.7 million in Q3 2023. Meanwhile, the adjusted property EBITDAR for the quarter reached $527.7 million, reflecting a slight decrease from last year’s $530.4 million. Wynn’s diluted net loss per share decreased from $1.03 to $0.29.

Wynn’s Macau properties saw a solid performance, as EBITDA was up 3% while revenue grew 6% and combined mass table and slot win was up 10%. CEO Craig Billings highlighted Macau’s performance as a positive sign of recovery and resilience in the Asian gaming market. “Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau,” Billings said.

In contrast, Wynn’s Las Vegas properties faced challenges, with operating revenue declining slightly to $607.2 million, a decrease of $11.8 million from Q3 2023. The company attributed this decrease to mixed gaming results, though Billings noted that non-gaming sectors showed stability. “Our luxury positioning and unique programming continue to appeal to the market’s most affluent and therefore most resilient customers,” he said.

Encore Boston Harbor saw modest growth, with revenues increasing to $214.1 million and EBITDAR rising by 4% year-over-year to reach $63 million. Billings pointed to Encore’s performance as part of a broader strategy to attract both gaming and non-gaming visitors to Wynn’s properties across diverse markets.

Wynn’s upcoming development in the United Arab Emirates, Wynn Al Marjan Island, remains on track for a 2027 opening. The company added $18.2 million to the project this quarter, bringing the total investment to $532.6 million.

Billings expressed optimism about Wynn’s entrance into the UAE’s growing gaming market, projected to be worth $3 billion to $5 billion. “UAE is certainly the most exciting new market for our industry in decades,” he said, adding that Wynn Al Marjan Island is expected to become a “must-see” tourism destination and to drive strong long-term free cash flow.

As part of its strategy to enhance shareholder value, Wynn’s board increased its share repurchase authorization to $1 billion. Billings noted that this decision underscores the company’s “continued commitment to prudently return capital to shareholders.”

Wynn has also managed to reduce its debt by $1.2 billion, a move expected to result in annual interest savings of about $70 million. Additionally, the board declared a cash dividend of $0.25 per share, to be paid in late November.

Looking ahead, Billings expressed confidence in Wynn’s strategic direction, pointing to a combination of strong mass gaming in Macau, steady performance in the Las Vegas non-gaming sector, and growth prospects in the UAE. “We are excited about the outlook for the company,” he said, “and we will continue to focus on driving long-term returns for shareholders.”