Wynn Resorts Reports Improved Financial Performance in Q3 2024, Driven by Strong Macau Operations and Debt Management

Wynn Resorts, Limited reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the same periods in 2023.

For the three months ended September 30, 2024, operating revenues reached $1,693,323,000, a slight increase of $21,387,000 (1.3%) from $1,671,936,000 in the prior year. Casino revenues contributed significantly, totaling $1,018,754,000, up from $972,453,000, reflecting a 4.8% increase. However, non-casino revenues decreased by 3.6% to $674,569,000, primarily due to lower performance in Wynn Interactive following its closure.

Operating expenses for the quarter decreased to $1,560,086,000 from $1,609,341,000, resulting in an operating income of $133,237,000, a substantial increase from $62,595,000 in 2023. Despite a net loss of $5,415,000 for the quarter, this was a significant improvement from the loss of $120,541,000 reported in the same period last year. The net loss attributable to Wynn Resorts, Limited was $32,053,000, compared to $116,678,000 in 2023.

For the nine months ended September 30, 2024, total operating revenues increased to $5,289,164,000, up 12.7% from $4,691,437,000 in 2023. The net income for this period was $317,356,000, a substantial rise from $8,440,000 in the previous year. The increase in revenues was driven by strong performance in Macau operations, which saw a 25.8% increase in revenues, totaling $2,755,710,000.

Wynn Resorts also reported a decrease in total current liabilities to $2,743,305,000 from $2,200,454,000 as of December 31, 2023. The company’s total assets increased to $14,111,399,000, up from $13,996,223,000. The accumulated deficit improved to $(1,926,524,000) from $(2,066,953,000) as of December 31, 2023.

Strategically, Wynn Resorts has been active in managing its debt, with long-term debt decreasing to $10,547,508,000 from $11,028,744,000. The company extended the maturity of existing loans and repurchased significant amounts of its senior notes, reflecting a proactive approach to its capital structure. Additionally, the company has authorized an increase in its equity repurchase program by approximately $766 million, allowing for further discretionary repurchases of common stock.

Overall, Wynn Resorts demonstrated resilience in its financial performance, with improved revenues and reduced losses, while strategically managing its debt and capital structure.