Wynn generates full-year record for Adjusted Property EBITDAR with another annual record in Las Vegas
Wynn Resorts generated revenues of $1.84bn for the fourth quarter of 2024, flat compared to operating revenues of $1.84bn for the fourth quarter of 2023.
For the fourth quarter of 2024, operating revenues increased $38.6m and $2.7m at Wynn Palace and its Las Vegas Operations, respectively, and decreased $22.5m and $4.5m at Wynn Macau and Encore Boston Harbor, respectively, from the fourth quarter of 2023.
“Our fourth quarter and full year results reflect continued strength throughout our business, setting another full-year record for Adjusted Property EBITDAR for the Company in 2024, with another annual record in Las Vegas,” said Craig Billings, CEO of Wynn Resorts, Limited. “We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP. In addition, construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the thirty-fifth floor of the hotel tower was recently completed. We are confident the resort will be a ‘must see’ tourism destination in the UAE and will support strong long-term free cash flow growth. At the same time, during the fourth quarter, we continued to focus on the return of capital to shareholders through both a cash dividend and the repurchase of $200m of our stock.”
“Operationally, we are stronger, more nimble, and more results-focused than we have ever been. Meanwhile, we are expeditiously developing what I believe to be the most exciting development project in the industry in the UAE, a project that will ultimately produce meaningful EBITDA and further diversify our business,” he added.
Net income attributable to Wynn Resorts, Limited was $277m for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2m for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2m related to the release of valuation allowance on certain deferred tax assets.
Adjusted Property EBITDAR was $619.1 million for the fourth quarter of 2024, a decrease of $11.3 million compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023. For the fourth quarter of 2024, Adjusted Property EBITDAR increased $13.5 million at Wynn Palace, and decreased $17.7 million, $5.5 million, and $3.3 million at Wynn Macau, Encore Boston Harbor, and our Las Vegas Operations, respectively, from the fourth quarter of 2023.
Operating revenues were $7.13bn for the year ended December 31, 2024, an increase of $596.1m compared to operating revenues of $6.53bn for the year ended December 31, 2023. For the year ended December 31, 2024, operating revenues increased $330.8m, $251.1m, and $91.3m at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $8.6m at Encore Boston Harbor, from the year ended December 31, 2023.
Encore Boston Harbor generated just shy of $59m of EBITDA.
Mr Bilings said: “We were encouraged by particular strength in our slot business where handle was up six per cent, this helps set a new all-time property record for slot revenue, offsetting some of the union-related payroll increases incurred in 2024. We continue to grow the database and stabilize some of the recently opened food and beverage outlets with the property’s best days ahead. More recently, demand in Boston has remained healthy through January, led by strong year-over-year growth in slot handle and stable non-gaming revenue against a tough comp.”
In terms of its recent agreement to purchase Aspinalls in Mayfair, London, Mr Bilings said: “This small but strategic asset provides a presence in Central London, where many of our future Wynn Al Marjan customers spend a meaningful amount of time. Lastly, we are actively exploring and well-positioned to capitalize on additional new market opportunities in attractive gateway cities. And we have strategic land banks in each of our new markets that provide an embedded long-term growth pipeline. Meanwhile, our leverage profile continues to improve as free cash flow grows, allowing us to increase the return of capital to shareholders through the recurring dividend and meaningful share repurchases.”
