Wynn Resorts (WYNN) Q4 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with strong adjusted property EBITDA/EBITDAR and continued market share gains in Las Vegas, Macau, and Boston.

• Recognized as the world's most awarded independent hotel company by Forbes and highest ranked gaming resort on Fortune's 2025 list.

• Advanced construction of Wynn Al Marjan Island in the UAE, targeting early 2027 opening, with $631.7M equity contributed to date.

• Over $1 billion returned to shareholders since 2022 through share repurchases and dividends.

• Announced acquisition of Crown London Aspinalls to support UAE strategy and global customer reach.

Financial highlights

• 2024 Adjusted Property EBITDAR reached $2.369B, up 9.8% YoY, with a 33.3% margin; Q4 EBITDAR was $619M, margin 33.7%.

• Las Vegas 2024 EBITDAR: $947M (+0.1% YoY), margin 36.8%; Macau EBITDAR: $1.176B (+23.2% YoY), margin 31.9%; Boston EBITDAR: $247M (-4.0% YoY), margin 28.8%.

• Q4 2024 adjusted net income was $263.3M ($2.42/share), up from $213.7M ($1.91/share) in Q4 2023.

• Cash and cash equivalents at year-end totaled $2.43B; total debt outstanding was $10.54B.

• Declared a $0.25/share cash dividend payable March 5, 2025.

Outlook and guidance

• Wynn Al Marjan Island construction on schedule for early 2027 opening, with significant EBITDAR contribution anticipated.

• 2025 group and convention room nights already booked at healthy ADRs; robust transient demand.

• CapEx cycle to conclude in late 2026, with 2025 CapEx expected between $250M–$300M, including Macau commitments.

• No material domestic cash income taxes expected in 2025; strong free cash flow generation projected.