Wynn Resorts reports net loss of $32.1m for Q3 2024
The company also saw a decrease for adjusted property EBITDAR but managed a slight increase in operating revenue during the period.
Key Points
- Operating revenues for Wynn Resorts managed to increase by nearly 1.2% year-over-year, while adjusted property EBITDAR decreased by 0.5%
- The revenue was driven primarily by increases from Wynn Macau and Encore Boston Harbor, while Las Vegas operations and Wynn Palace revenue decreased from the prior year period
Wynn Resorts has released the company’s financial results for the third quarter of 2024, detailing an increase in total operating revenue, but a decrease in adjusted property EBITDAR and a net loss for the period. The net loss was reported to be $32.1m for Q3 2024, but the figure actually represented a significant decrease from the net loss reported during the third quarter of 2024.
“Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets,” Wynn Resorts CEO Craig Billings said.
“Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases.”
Wynn Palace
Las Vegas operations
Wynn Macau
Encore Boston Harbor
Operating revenues increased by nearly 1.2% year-over-year for a total of $1.69bn for Q3 2024, primarily driven by increases from Wynn Macau and Encore Boston Harbor. Las Vegas operations revenue for Wynn Resorts actually decreased 1.9% from the prior year period, generating $607.2m throughout the third quarter of 2024.
Wynn Macau revenue managed to increase by over 19.3% from the prior year period to generate $352m in operating revenue for the company during Q3 2024. Encore Boston Harbor also increased slightly year-over-year, with operating revenue reported to be $214.1m for the third quarter of 2024.
Good to know: Wynn Resorts published renderings for its latest development project, Wynn Al Marjan Island, on May 6, with hopes of opening in early 2027
The company’s Wynn Palace operations also saw a decrease in revenue from the prior year period, falling by just under 1% for a total of $519.8m during Q3 2024.
Wynn Resorts’ adjusted property EBITDAR, like operating revenue, decreased year-over-year, albeit by only 0.5% to $527.7m for the third quarter of 2024. The adjusted property EBITDAR of Wynn Macau and Encore Boston Harbor increased by 29.1% and 4.1% from the prior year period, respectively, while Wynn Palace and Las Vegas operations decreased by 8.3% and 7.7%.
The primary driver of revenue across Wynn Resorts was from the casino, which generated over $1bn of the total operating revenue reported for the third quarter of 2024. Operating expenses for Wynn Resorts was reported to be $1.56bn for Q3 2024, a decrease of 3% from the prior year period.
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