Wynn Resorts (WYNN) Q2 2024 earnings summary

Executive summary

• Q2 2024 operating revenues reached $1.73 billion, up 8.6% year-over-year, with record Adjusted Property EBITDAR of $572 million and net income of $111.9 million, driven by strong performance in Macau and Las Vegas.

• Wynn Las Vegas delivered $230.3 million in adjusted property EBITDA, up 3% year-over-year, with trailing twelve-month EBITDA nearing $970 million.

• Encore Boston Harbor generated $62.1 million of EBITDAR on $212.6 million revenue, with record slot handle and RevPAR, despite lower than normal table hold and a 4.2% revenue decline.

• Macau operations produced $280.4 million in EBITDA on $885.3 million revenue, maintaining strong margins and benefiting from higher mass market gaming volumes and improved visitation.

• Construction on the Wynn Al Marjan Island project in the UAE is progressing rapidly, with $356.5 million contributed in Q2 and over 70 acres acquired for future development; opening targeted for 2027.

Financial highlights

• Q2 2024 operating revenues: $1.73 billion (up 8.6% year-over-year); Adjusted Property EBITDAR: $571.7 million; net income: $111.9 million; diluted EPS: $0.91.

• Wynn Las Vegas: $230.3 million adjusted property EBITDA on $628.7 million revenue; 36.6% EBITDA margin.

• Encore Boston Harbor: $62.1 million adjusted property EBITDA on $212.6 million revenue; 29.2% EBITDA margin.

• Macau: $280.4 million adjusted property EBITDA on $885.3 million revenue; 31.7% EBITDA margin, up 250 bps from Q2 2019.

• Company-wide trailing twelve-month property EBITDA nearly $2.4 billion.

Outlook and guidance

• Las Vegas group and convention bookings for Q4 2024 and 2025 are pacing to record levels, with strong ADR growth.

• CapEx for Macau concession commitments expected between $350 million and $500 million from 2024 to end of 2025.

• UAE project financing expected to be finalized later in 2024, with opening targeted for 2027.

• Continued focus on disciplined cost management and operating leverage as markets recover.