Wynn Resorts: Q3FY24 Financial Overview 

Wynn Resorts, Limited (Nasdaq: WYNN), a prominent name in the global casino and resort industry, is a constituent of the S&P 500 Index. Founded in 2002 by Steve Wynn, the company operates luxury resorts in key global locations: Wynn Macau, Encore Macau, Wynn Las Vegas, Encore Las Vegas, and more recently, Encore Boston Harbor in Massachusetts (opened June 2019) and Cotai Palace in Macau (opened August 2016).

Stock Market Performance

As of September 30, 2024, Wynn Resorts had 109,922,076 shares outstanding. In Q3FY24, the company’s stock traded in a range of $71.63 to $98.17, with the opening price on July 1, 2024, at $89.76 and the closing price on September 30, 2024, at $95.88. Reflecting its commitment to shareholder value, the Board of Directors declared a $0.25 per share cash dividend on November 4, 2024, payable on November 27, 2024, to stockholders of record as of November 15, 2024.

Revenue and Earnings Highlights

Wynn Resorts’ annual revenue trend reveals significant recovery and growth:

• FY21: $3,763.644 million
• FY22: $3,756.825 million
• FY23: $6,531.897 million

The Q3FY24 operating revenue was $1,693.323 million, marking:

• A 1.28% increase compared to $1,671.936 million in Q3FY23
• A 2.29% decline from $1,732.932 million in Q2FY24

Sales by Segment (Q2FY24):

• Macau Operations: $871.747 million (51.48% of total revenue)
• Las Vegas Operations: $607.172 million (35.86%)
• Encore Boston Harbor: $214.121 million (12.65%)
• Corporate and Other: $0.283 million (0.02%)

Financial Position

The company’s financial position in Q3FY24 reflects notable changes:

• Total assets increased by 6.18%, from $13,289.798 million on June 30, 2024, to $14,111.399 million on September 30, 2024.
• Total liabilities rose by 6.94%, from $14,191.760 million to $15,176.877 million during the same period.
• Stockholders’ deficit widened by 18.13%, reaching ($1,065.478 million) as of September 30, 2024, compared to ($901.962 million) on June 30, 2024.

Market Insights and Outlook

Despite some fluctuations in quarterly revenue, Wynn Resorts continues to demonstrate resilience in its operations, particularly in the Macau market, which accounted for over 50% of Q2FY24 revenue. The company’s substantial recovery in FY23 revenues underscores its adaptability and the growing appeal of its luxury offerings.

However, challenges persist in managing liabilities and addressing the stockholders’ deficit, indicating a need for strategic financial measures. With its commitment to innovation and customer experience, coupled with steady dividends, Wynn Resorts is poised to strengthen its market position in the luxury casino and resort industry.