Wynn Resorts Reports 9.1% Revenue Increase to $7.13 Billion, Net Income Declines by 31.4%

Wynn Resorts, Limited reported a 9.1% increase in operating revenues for the fiscal year ending December 31, 2024, totaling $7.13 billion, compared to $6.53 billion in 2023. The growth was primarily driven by significant revenue increases from its Macau Operations, with Wynn Palace and Wynn Macau generating $2.22 billion and $1.46 billion, respectively, reflecting increases of 17.5% and 20.7%. However, net income attributable to Wynn Resorts decreased by 31.4% to $501.1 million, down from $730 million in the previous year, largely due to a $500.5 million decrease in income tax benefits.

The company has made strategic adjustments, including the closure of its digital sports betting and casino business, Wynn Interactive, which contributed to a significant reduction in corporate expenses. Additionally, Wynn Resorts has been actively investing in its properties, with capital expenditures amounting to approximately $419.9 million in 2024, focusing on enhancements across its resorts. The company also announced plans for the development of Wynn Al Marjan Island in the UAE, with an estimated remaining equity investment of $700 million to $775 million required for its completion, expected in 2027.

Operationally, Wynn Resorts reported a total employee headcount of approximately 28,000 as of December 31, 2024, with around 11,500 employees in Macau and 16,500 in the United States. The company continues to focus on enhancing customer experiences, which is reflected in its high occupancy rates, particularly in Macau, where Wynn Palace and Wynn Macau reported occupancy rates of 98.6% and 99.3%, respectively. The Las Vegas Operations also saw an increase in average daily rates (ADR), which rose by 8.2% to $555.

Looking ahead, Wynn Resorts anticipates continued growth in its Macau Operations, driven by the region's recovery in tourism and gaming volumes. The company has received a 10-year gaming concession from the Macau government, which is expected to bolster its operational stability. However, the company remains cautious about potential macroeconomic challenges and regulatory changes that could impact its performance. The management's outlook emphasizes a commitment to maintaining high service standards and exploring new opportunities for expansion in both existing and new markets.