Wynn Resorts Ltd (NAS:WYNN)
$ 76.28 0.49 (0.65%) Market Cap: 8.47 Bil Enterprise Value: 18.18 Bil PE Ratio: 10.35 PB Ratio: 0 GF Score: 72/100
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Q2 2024 Wynn Resorts Ltd Earnings Call Transcript

Aug 06, 2024 / 08:30PM GMT
Release Date Price: $76.29 (+3.73%)

Key Points

Positve
  • Wynn Resorts Ltd (WYNN) reported the best second quarter EBITDAR in the company's history at $572 million.
  • Wynn Las Vegas delivered a second quarter record of $230 million in adjusted property EBITDAR, up 3% year-on-year.
  • Encore Boston Harbor generated $62 million of EBITDAR with record slot handle and strong table drop.
  • Wynn Macau's long-term outlook remains very bright with strong mass table drop and 99% hotel occupancy in July.
  • Construction on the Wynn Al Marjan Island development in the UAE is progressing rapidly, with significant equity contributions and promising future potential.
Negative
  • Lower-than-normal table games hold negatively impacted EBITDAR by around $5 million in Q2 at Wynn Las Vegas.
  • Macau operations experienced slightly lower market share and mass hold quarter-over-quarter.
  • Increased OpEx due to union-related payroll increases and higher variable costs impacted margins.
  • The luxury retail segment in Macau has been underperforming, consistent with broader market trends.
  • The competitive promotional environment in Macau has intensified, impacting market share.
Operator

Welcome to the Wynn Resorts second-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.

Julie Cameron;Doe
Wynn Resorts Ltd - Chief Financial Officer

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.

Craig Billings
Wynn Resorts Ltd - Chief Executive Officer, Director

Thanks, Julie. Good afternoon, and as always, thank you for joining us today. I want to start by saying thank you to my nearly 28,000 colleagues here at Wynn Resorts for delivering yet another record

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