Wynns global strategy balances Vegas setbacks in Q3 2024
Wynn Resorts’ financial report for Q3 2024, released Monday, revealed strong performance in Macau but showed challenges in its Las Vegas operations, where revenue missed Wall Street forecasts. The companys shares declined 2.8 percent in after-hours trading as the report stressed contrasting trends across Wynns global portfolio.
Despite the challenges, Wynn CEO Craig Billings noted, Our third-quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas.
Wynn’s evenue below expectations, driven by Las Vegas slowdown
Wynn reported total revenue of $1.69 billion, slightly under analysts expectations of $1.73 billion. In Las Vegas, revenue dipped by 1.9 percent year-over-year to $607.17 million, primarily due to a 13.6 percent decline in 바카라 revenue. Although entertainment, retail, and other segments saw a 20 percent rise, the overall performance fell short, echoing a broader trend among Las Vegas-based operators as seen with MGM Resorts recent results.
Macaus Q3 strong performance boosts company earnings
Macau, Wynns primary international market, demonstrated solid performance with a 6.3 percent increase in revenue, totalling $871.74 million. At Wynn Palace on the Cotai Strip, the VIP segment saw turnover grow by 11.6 percent, while Wynn Macau on the peninsula experienced an impressive 28.8 percent year-over-year increase in 바카라 revenues to $296.78 million. Occupancy rates across Wynns Macau properties remained impressive, with Wynn Palace reaching 98.3 percent and Wynn Macau at 98.9 percent.
This growth in Macau partially offset the slowdown in the U.S., and Billings credited the companys strategic investments in the region. “The investments we have made in our properties, our team, and our unique programming continue to extend our leadership position in each of our markets, he stated.
Earnings and capital strategy miss targets but signal long-term goals
Adjusted property EBITDAR for the quarter stood at $527.7 million, a slight drop from $530.4 million the previous year. reached 90 cents, missing the $1.10 estimate from Wall Street analysts. However, Wynn managed to reduce its net loss to $32.1 million, a notable improvement from the $116.7 million loss reported in the same quarter last year.
Expansion plans in the UAE
One of the most ambitious developments for Wynn is the construction of Wynn Al Marjan Island in the UAE, which Billings described as a project that will be a must-see tourism destination. The resort, expected to open in 2027, has already seen $18.2 million in recent contributions from Wysnn, bringing the total investment in the project to $532.6 million. Billings expressed confidence that Wynn Al Marjan Island will fuel long-term cash flow growth, building on the companys footprint in new, high-growth markets.
Boston Harbour and future prospects
In the U.S., Wynns Encore Boston Harbour maintained steady growth, with 바카라 revenue increasing by 1.8 percent to $158.74 million. Table games and slot revenues grew by 1 percent and 3.1 percent, respectively, while hotel occupancy hit 96.9 percent, contrasting the slight occupancy dip in Las Vegas.
Subscribe to SiGMAs Top 10 News countdown and SiGMAs Weekly Newsletter to stay up to date with all the latest iGaming News, and benefit from Subscriber-Only Offers.
