Despite challenges in Las Vegas revenue impacting Q3 results, Wynn Resorts remains optimistic, particularly with the UAE emerging as a key focus for future growth.
In Q3, Wynn saw mixed performance as its Las Vegas operations faced revenue declines, with operating revenue down by $11.8 million to $607.2 million. However, total operating revenues climbed to $1.69 billion, an increase of $21.4 million year-over-year, though the company reported a net loss of $32.1 million.
Craig Billings, CEO of Wynn Resorts, Limited, commented: “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. 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.”
Wynn has earmarked the UAE for expansion, with $18.2 million allocated to the development of Wynn Al Marjan Island as regulatory advancements continue. Projected to open in Q1 2027, the resort anticipates annual gross gaming revenue of up to $1.66 billion.
Recently, Wynn was granted a Commercial Gaming Facility Operator license from the UAE’s General Commercial Gaming Regulatory Authority (GCGRA), marking a historic moment for the company’s presence in the region. CEO Craig Billings commented, “We are confident that Wynn Al Marjan Island will become a ‘must-see’ destination, and we expect it to contribute significantly to our long-term cash flow growth. We’re also pleased to announce an increased share repurchase authorization of $1 billion, demonstrating our commitment to shareholder returns.”
The quarter also saw an adjusted Property EBITDAR of $527.7 million, down slightly from Q3 2023. Performance was mixed across properties, with increases of $22.7 million at Wynn Macau and $2.5 million at Encore Boston Harbor, while Las Vegas and Wynn Palace operations reported declines.
Wynn Macau delivered positive results with $871.7 million in revenue, a 6.3% year-on-year increase, highlighting strong growth in the region. On the financial front, Wynn’s balance sheet showed total outstanding debt of $11.79 billion as of September 30, 2024, including $6.41 billion related to Macau and $1.46 billion for Wynn Las Vegas.
Don’t forget to subscribe to our Telegram channel!
