Wynn Resorts FY2024 revenue reported to be $7.13bn, but net income falls by 31.4%

Wynn Resorts has reported the company’s financial results for the fourth quarter of 2024 and full-year (FY), with operating revenue having risen by 9.1% year-over-year during FY2024 for a total of $7.13bn and the company’s net income decreasing by 31.4% to be just under $501.1m. 

The fall in net income may be primarily attributed to an increase of over $300m in operating expenses throughout FY2024, reported to cost Wynn Resorts nearly $6bn during the period, although operating income still managed to increase by 34.8% from the prior year period for a total of $1.13bn. Wynn Resorts did report an increase in both adjusted net income and adjusted property EBITDAR, reporting totals of $663.5m and $2.36bn, respectively, resulting in rises of 43.5% and 11.8% year-over-year. 

The company’s casino segment was the primary driver of revenue during FY2024, accounting for nearly $4.3bn of the total revenue reported by Wynn Resorts and increasing 14.6% year-over-year. The rooms and food & beverage segments increased its revenue as well, reporting totals of $1.24bn and $1.1bn, respectively, equating to increases of 4.8% and 3.9% year-over-year. The entertainment, retail and other segment decreased in revenue, however, falling by 7.3% from the prior year period for a total of $555.4m. 

Wynn Resorts received positive results from each of its Wynn Palace, Las Vegas operations and Wynn Macau sectors, each having reported increases in operating revenue. Wynn Palace increased its revenue by 17.5% year-over-year to generate $2.2bn throughout FY2024, while Wynn Macau reported an operating revenue of $1.4bn, representing an increase of 20.7%. 

Las Vegas operations managed to increase its revenue by 3.7% year-over-year, also generating the most revenue of any sector with $2.57bn during FY2024. While the three sectors listed above all reported increases in revenue, Encore Boston Harbor’s FY2024 operating revenue decreased by 1% from the prior year period, but still managed to generate $857.2m during the period. 

Good to know: Wynn Resorts obtained a $2.4bn construction facility to finance the development of Wynn Al Marjan Island on February 6, which will become the UAB’s first-ever integrated resort

Throughout the fourth quarter of 2024, Wynn Resorts generated a consolidated operating revenue of $1.84bn, representing a loss of just $2m from the total reported during Q4 2023. Similar to FY2024, Wynn Resorts reported a decrease in net income of 62% year-over-year for a total of just under $277m, while the company’s adjusted net income managed to increase by 23.3% from the prior year period, reported to be $263.3m. During Q4 2024, adjusted property EBITDAR decreased as well, falling by 1.8% for a total of nearly $619.1m. 

Wynn Macau was unable to report an increase in operating revenue during Q4 2024 despite showing growth over the FY, falling by 5.8% year-over-year for a reported total of $363.7m throughout the period. Encore Boston Harbor’s operating revenue also fell during Q4 2024, decreasing by 2.1% from the prior year period to generate $212.7m. 

Wynn Palace and Las Vegas operations both showed increases in operating revenue throughout the fourth quarter of 2024, reporting totals of $562.9m and $699.5m, respectively, for rises of 7.4% and 0.4% year-over-year. Wynn Palace was the only sector to see an increase in adjusted property EBITDAR during Q4 2024, however, growing by 7.9% from the prior year period for a total of $184.6m. 

Wynn Macau decreased by 14% year-over-year to generate nearly $108.2m, while Las Vegas operations and Encore Boston Harbor fell by 1.2% and 8.6%, respectively, from the prior year period for reported totals of $267.4m and $212.7m. 

Kirk Geller

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