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Wynn Resorts Limited: Q1FY24 Performance Overview

01 Jul, 2024
Written by
Elizaveta Latinskaya
Elizaveta Latinskaya
Reviewed by
Aigerim Ercik
Aigerim Ercik
Wynn Resorts Limited: Q1FY24 Performance Overview

Wynn Resorts, Limited, a prominent name in the casino and resort industry, trades on the Nasdaq Global Select Market under the ticker symbol WYNN and is a member of the S&P 500 Index. Founded in 2002 by Steve Wynn, the company operates four major resorts: Wynn Macau and Encore in Macau, Wynn Las Vegas and Encore in Las Vegas. Additionally, Cotai Palace in Macau opened its doors in August 2016, and Encore Boston Harbor in Massachusetts began operations in June 2019. Wynn Resorts also runs Wynn Interactive, a digital platform for sports betting and iGaming.

Q1FY24 Financial Highlights

Operating Revenues: Wynn Resorts reported operating revenues of $1,862.909 million for Q1FY24, marking a significant increase of 30.85% compared to $1,423.679 million in Q1FY23.

Operating Expenses: Total operating expenses for Q1FY24 were $1,499.968 million, representing a 19.60% rise from $1,254.164 million in Q1FY23.

Net Income: Net income attributable to Wynn Resorts, Limited saw a remarkable surge, reaching $144.216 million, a 1069.45% increase from $12.332 million in Q1FY23.

Earnings Per Share: The diluted net income per share was $1.30, a significant improvement from a diluted net loss per share of $(0.02) in Q1FY23.

Adjusted Property EBITDAR: Adjusted Property EBITDAR for Q1FY24 was $646.535 million, up from $429.746 million in Q1FY23.

Dividends: The company paid cash dividends of $0.25 per share and declared a similar cash dividend payable on May 31, 2024, to stockholders of record as of May 20, 2024.

Stock Performance and Market Presence

Wynn Resorts‘ shares outstanding totaled 112,071,149 as of March 31, 2024. During Q1FY24, the stock traded between $90.42 and $108.76 on the NASDAQ. The stock opened at $90.83 on January 2, 2024, and closed at $102.23 on March 28, 2024.

The annual revenue for Wynn Resorts experienced a decline from $3,763.644 million in FY21 to $3,756.825 million in FY22. However, FY23 saw a substantial recovery with total revenue reaching $6,531.897 million.

Segment-wise Revenue Breakdown for Q1FY24

  • Macau Operations: $998.645 million (53.61%)
  • Las Vegas Operations: $636.548 million (34.17%)
  • Encore Boston Harbor: $217.784 million (11.69%)
  • Wynn Interactive: $9.932 million (0.53%)

As of March 31, 2024, Wynn Resorts’ total current assets stood at $3,770.912 million, exceeding total current liabilities of $2,633.120 million by $1,137.792 million. Total equity was reported at -$946.380 million, an improvement of 41.45% from -$1,616.370 million as of March 31, 2023.

Total operating expenses for Q1FY24 were $1,499.968 million, reflecting a 19.60% increase from $1,254.164 million in Q1FY23 and a modest 1.16% rise from $1,482.735 million in Q4FY23.

Financial Growth

Wynn Resorts, Limited showcased robust financial growth in Q1FY24, with notable increases in revenue, net income, and EBITDAR. The company’s strategic operations across Macau, Las Vegas, and Boston Harbor, along with its digital platform, continue to drive its strong market presence and financial performance. Wynn’s commitment to innovation is evident through its investments in digital gaming via Wynn Interactive, positioning the company to capitalize on the growing online gambling market. The solid financial performance is further supported by disciplined expense management and strategic reinvestment in its properties, ensuring sustained growth and customer satisfaction. With a declared cash dividend and improved stock performance, Wynn Resorts remains a formidable player in the global casino and resort industry. The company’s ability to adapt to market conditions and leverage its diverse portfolio positions it well for future success, making it a key player to watch in the hospitality and gaming sectors.

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