Q3 2024 Wynn Resorts Ltd Earnings Call Transcript
Key Points
- Wynn Resorts Ltd (WYNN) announced an increase in share repurchase authorization to $1 billion, demonstrating a commitment to returning capital to shareholders.
- The company reported strong performance in Macau with $263 million in EBITDA, a 3% year-on-year increase, driven by a 10% growth in combined mass table and slot wins.
- Wynn Resorts Ltd (WYNN) received the first land-based gaming license in the UAE, with construction progressing rapidly on the Marjan Island project.
- The Las Vegas operations showed resilience with hotel revenue up 5% and slot handle up 4% despite challenging year-over-year comparisons.
- Encore Boston Harbor reported a 4% increase in EBITDAR, with strong demand across gaming and non-gaming segments.
- Las Vegas faced tough year-over-year comparisons, resulting in flat EBITDA despite a 1% increase in revenue.
- Macau's competitive environment remains intense, impacting market share despite efforts to maximize EBITDA.
- The company is facing increased operational expenses, with OpEx in Macau up 7% year-on-year due to higher payroll and variable costs.
- Wynn Resorts Ltd (WYNN) is experiencing challenges in managing costs related to union payroll increases in Boston.
- The company anticipates significant CapEx commitments in Macau, ranging between $350 million to $425 million through 2025, which could impact cash flow.
Welcome to the Wynn Resorts third quarter 2024 earnings call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.
I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.
Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto and Jenny Holaday. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.
I will now turn the call over to Craig Billings.
Thanks, Julie, and good afternoon, everyone. As always, thank you for joining us today. About a month ago that we had the opportunity to host many of the folks on this call and here at
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