Detailed performance report for WYNN RESORTS LTD covering Q3 2024. Gain clarity on earnings, revenue trends, and AI-enhanced strategic analysis.
Craig Billings and Brian Gullbrants are on the line to discuss Wynn Resorts' fourth quarter results. The company has increased its share repurchase authorization to $1 billion, highlighting its commitment to prudently return capital to shareholders. Encore generated $63 million of EBITDAR, up 4% year on year during the quarter in Boston. Macau generated $263 million EBITDA, up 3% year-on-year in the third quarter. Demand remained healthy with operating revenue growing 6% and led by 10% growth in combined mass table and slot wins. The long-term outlook in Macau remains decidedly bullish. October was characterized by healthy mass table drop, strong VIP turnover, and 99% hotel occupancy. Wynn and Marjan Island received the first land-based gaming license issued by the GCGRA back in early October. At Wynn Las Vegas, we generated $202.7 million in adjusted property EBITDA on $607.2 million of operating revenue. Opex excluding gaming tax per day, up 2% compared to $4.1 million in the prior-year period. Our Macau operations delivered adjusted property EBITDA of $262.9 million in Q3 '24. Boston generated adjusted property $63 million, up 4% year on year. We expect capex related to our concession-related capex to range between $350 million to $425 million in total between 2024 and the end of 2025. The Wynn Resorts board approved a cash dividend of $0.25 per share payable on November.25, 2024, to stockholders of record as of November.Wynn and Marjan Island project during the quarter, bringing our total equity contribution to date to $532.6 million. We expect the financing will be completed later this year, and we will update you in June.
Access the official earnings call transcript for WYNN-RESORTS-LTD 2024 Q3. It provides valuable insights into management commentary, performance drivers, and forward-looking guidance directly from the company.