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Wynn Resorts has reported its financial results for the second quarter of 2024, with total operating revenues reaching $1.73bn. This p represents an increase of 8.6% year-on-year.
The company’s net income attributable to Wynn Resorts rose by 6.4% to $111.9m, with diluted net income per share increasing to $0.91, a rise of 8.3%.
The company’s adjusted property EBITDAR was $571.7m for the second quarter of 2024, marking a 9% increase. This growth was attributed to improved performance across several properties, although some locations experienced declines.
In Macau, Wynn Palace reported operating revenues of $548.0m, up 17%. Adjusted property EBITDAR at Wynn Palace increased 17.8% to $184.5m.
The table games win percentage in mass market operations rose to 23.6%. Wynn Macau’s operating revenues were $337.3m, an increase of 11.8%, with adjusted property EBITDAR reaching $95.9m, a rise of 7.1%. The table games win percentage in mass market operations slightly decreased to 17.5%.
Las Vegas operations generated $628.7m in operating revenues, an increase of 8.8% compared to the second quarter of 2023. Adjusted property EBITDAR was $230.3m, up 2.8%.
However, the table games win percentage dropped to 21.9%, falling below both the expected range. Encore Boston Harbor experienced a decrease in operating revenues, which fell 4.2% and adjusted property EBITDAR decreased to $62.1m, a decline of 10.1%. The table games win percentage was 19.6%, within the expected range.
Wynn Resorts is continuing the development of the Wynn Al Marjan Island project in the UAE, contributing $356.5m to a joint venture during the quarter. This investment was used primarily to purchase 155 acres of land for future development, with the project expected to open in 2027.
As of 30 June 2024, Wynn Resorts reported cash and cash equivalents totalling $2.38bn, with a significant portion held by Wynn Macau. The company’s total debt stood at $11.03bn, spread across its various operations.
During the second quarter, Wynn Resorts repurchased 741,340 shares of its common stock at an average price of $91.72 per share, totalling $68.0m. The company has $365.4m remaining in its repurchase program and has declared a cash dividend of $0.25 per share, payable on 30 August 2024.
In the first quarter of 2024, Wynn Resorts reported significant growth, with revenues reaching $1.86bn, up 30.9% year-on-year. This increase was driven by strong performances in Macau, particularly at Wynn Palace and Wynn Macau.
These results were supported by ongoing investments in new developments such as the Wynn Al Marjan Island project, contributing to Wynn Resorts’ continued expansion and financial performance.
