Wynn Resorts Reports Strong Q2 2024 Results with Notable Growth Across Key Metrics

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Wynn Resorts has unveiled its financial results for the second quarter of 2024, showcasing total operating revenues of $1.73 billion. This represents an 8.6% increase compared to the same period last year. The company’s net income attributable to Wynn Resorts increased by 6.4% to $111.9 million, with diluted net income per share rising by 8.3% to $0.91.

Improved Performance Across Properties

The adjusted property EBITDAR for the quarter was $571.7 million, reflecting a 9% increase. This growth is attributed to enhanced performance at several properties, despite some locations experiencing declines.

Macau Performance Highlights

In Macau, Wynn Palace reported operating revenues of $548.0 million, marking a 17% increase. Adjusted property EBITDAR at Wynn Palace rose 17.8% to $184.5 million. The table games win percentage in mass market operations at Wynn Palace improved to 23.6%. Wynn Macau also saw an increase in operating revenues, reaching $337.3 million, an 11.8% rise. Adjusted property EBITDAR at Wynn Macau grew 7.1% to $95.9 million, although the table games win percentage in mass market operations slightly decreased to 17.5%.

Las Vegas and Encore Boston Harbor Results

Wynn’s Las Vegas operations generated $628.7 million in operating revenues, an 8.8% increase from the previous year. Adjusted property EBITDAR for Las Vegas was $230.3 million, up 2.8%. However, the table games win percentage fell to 21.9%, below the expected range. Encore Boston Harbor experienced a 4.2% decrease in operating revenues, with adjusted property EBITDAR declining by 10.1% to $62.1 million. The table games win percentage at Encore Boston Harbor was 19.6%, within the expected range.

Wynn Resorts: Ongoing Projects and Financial Position

Wynn Resorts is advancing the Wynn Al Marjan Island project in the UAE, contributing $356.5 million to a joint venture during the quarter. This investment was primarily used to acquire 155 acres of land for future development, with the project slated to open in 2027. As of June 30, 2024, Wynn Resorts reported cash and cash equivalents totaling $2.38 billion, largely held by Wynn Macau, with total debt standing at $11.03 billion across its operations.

FAQs About Wynn Resorts Q2 2024 Financial Results

1. What were Wynn Resorts’ total operating revenues for Q2 2024?

Wynn Resorts reported total operating revenues of $1.73 billion for the second quarter of 2024, representing an 8.6% increase year-on-year.

2. How did Wynn Resorts’ net income perform in Q2 2024?

The company’s net income attributable to Wynn Resorts rose by 6.4% to $111.9 million, with diluted net income per share increasing by 8.3% to $0.91.

3. What was the adjusted property EBITDAR for Q2 2024?

The adjusted property EBITDAR for the second quarter of 2024 was $571.7 million, marking a 9% increase compared to the previous year.

4. How did Wynn Palace perform in Macau during Q2 2024?

Wynn Palace reported operating revenues of $548.0 million, a 17% increase. Adjusted property EBITDAR at Wynn Palace rose 17.8% to $184.5 million. The table games win percentage in mass market operations increased to 23.6%.

5. What were Wynn Macau’s Q2 2024 results?

Wynn Macau’s operating revenues were $337.3 million, an 11.8% increase. Adjusted property EBITDAR was $95.9 million, up 7.1%. The table games win percentage in mass market operations slightly decreased to 17.5%.

6. How did Wynn Resorts’ Las Vegas operations perform?

Las Vegas operations generated $628.7 million in operating revenues, an 8.8% increase from the previous year. Adjusted property EBITDAR was $230.3 million, up 2.8%. The table games win percentage dropped to 21.9%.

7. What were the results for Encore Boston Harbor?

Encore Boston Harbor experienced a 4.2% decrease in operating revenues and a 10.1% decline in adjusted property EBITDAR to $62.1 million. The table games win percentage was 19.6%, within the expected range.

8. What is the status of the Wynn Al Marjan Island project?

Wynn Resorts is progressing with the Wynn Al Marjan Island project in the UAE, contributing $356.5 million to a joint venture during the quarter. This investment was used to acquire 155 acres of land, with the project expected to open in 2027.

9. What is Wynn Resorts’ current financial position?

As of June 30, 2024, Wynn Resorts reported cash and cash equivalents totaling $2.38 billion, primarily held by Wynn Macau. The company’s total debt stood at $11.03 billion across its various operations.