Wynn Resorts Q3 2024: Mixed Results, $1B Buyback Boost & Global Expansion

Wynn Resorts recently reported its third-quarter 2024 results, showing a mixed financial performance. The company missed analysts’ earnings estimates, with revenue reaching $1.69 billion, lower than the expected $1.73 billion. Adjusted earnings per share also fell short at $0.90, compared to the anticipated $1.10. The company attributes much of the shortfall to underperformance at its Wynn Palace resort in Macau, though Wynn Macau saw notable year-over-year growth, with a 28.8% rise in casino revenue to $296.78 million and an adjusted property EBITDAR increase to $100.6 million.

Despite these results, Wynn has doubled down on shareholder value with an expanded share repurchase plan, increasing its buyback authorization to $1 billion as of early November. This move places Wynn among several gaming giants, such as Caesars and Las Vegas Sands, that are prioritizing stock repurchases. During Q3, Wynn repurchased shares at an average price of $80.37, which is advantageous given the recent closing price of $95.65.

In the United States, Wynn’s Las Vegas properties faced declines, with revenue dropping by $11.8 million to $607.2 million, and adjusted EBITDAR down from $219.7 million to $202.7 million year-over-year. Table game win percentages also fell, reflecting a challenging comparison to strong prior-year results. However, Encore Boston Harbor performed better, with a slight 1.8% uptick in casino revenue, primarily driven by increased table games and slot play.

CEO Craig Billings highlighted that robust mass gaming demand in Macau and solid non-gaming segments in Las Vegas demonstrate the company’s strategic investment in enhancing its properties. Looking forward, Wynn is progressing with the development of Wynn Al Marjan Island in the UAE, an ambitious project slated to open in 2027. The company has contributed over $532 million to this venture, with Billings optimistic about its potential to drive long-term cash flow growth.

While Wynn’s quarterly performance underscores ongoing challenges in specific markets, particularly Macau and Las Vegas, the company’s commitment to shareholder returns, strategic property investments, and future growth initiatives in international markets signal a positive outlook.

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