The earnings call reflects a generally positive outlook for Wynn Resorts, with strong performance in Las Vegas and Boston, strategic investments in the UAE, and improved financial leverage. However, the company faces challenges with tough comps in Las Vegas and a competitive environment in Macau, balanced by strong liquidity and capital management.

Company Guidance

During the Wynn Resorts Q3 2024 earnings call, the company provided a comprehensive update on its financial performance and strategic initiatives. Wynn Resorts reported $202.7 million in adjusted property EBITDA for Las Vegas, with an EBITDA margin of 33.4%, despite facing tough year-over-year comps. In Boston, Encore generated $63 million in EBITDAR, marking a 4% increase, with an EBITDA margin of 29.4%. Macau operations delivered $263 million in EBITDA, up 3% year-on-year, with a 6% increase in operating revenue. The company also highlighted its strategic focus on enhancing its competitive position in Macau through initiatives like elevating food and beverage offerings and expanding gaming areas. Furthermore, Wynn Resorts increased its share repurchase authorization to $1 billion and announced a quarterly cash dividend of $0.25 per share, reflecting its commitment to returning capital to shareholders. The company's liquidity remained strong, with $3.5 billion in global cash and revolver availability. Additionally, Wynn is making progress on its Marjan Island project in the UAE, which is expected to be a significant growth driver in the coming years.

Increased Share Repurchase Authorization

The Board has increased Wynn Resorts' share repurchase authorization to $1 billion, highlighting the company's commitment to returning capital to shareholders.

Strong Performance in Las Vegas

Las Vegas operations saw hotel revenue up by 5% and slot handle up by 4%, with a stable demand seen into the fourth quarter.

Positive Trends in Boston and Macau

Encore Boston's EBITDAR was up 4% year-on-year. Macau reported a 3% increase in EBITDA with a 6% growth in operating revenue.

UAE Gaming License and Development Progress

Wynn Resorts received the first land-based gaming license in the UAE, with construction reaching the 24th floor and a projected $3 billion to $5 billion gaming market.

Improved Leverage and Strong Liquidity

Wynn Resorts reduced gross debt by $1.2 billion year-on-year, improving its net leverage ratio to just over 4x with strong liquidity of $3.5 billion.

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Wynn Resorts (WYNN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WYNN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 01, 2018	2018 (Q2)	- / 1.53	1.18	29.66% (+0.35)	―	―
Nov 07, 2018	2018 (Q3)	- / 1.68	1.52	10.53% (+0.16)	―	―
Jan 30, 2019	2018 (Q4)	- / 1.06	1.4	-24.29% (-0.34)	―	―
May 09, 2019	2019 (Q1)	- / 1.61	2.3	-30.00% (-0.69)	―	―
Aug 06, 2019	2019 (Q2)	- / 1.44	1.53	-5.88% (-0.09)	―	―
Nov 06, 2019	2019 (Q3)	- / 0.17	1.68	-89.88% (-1.51)	―	―
Feb 06, 2020	2019 (Q4)	- / -0.62	1.06	-158.49% (-1.68)	―	―
May 06, 2020	2020 (Q1)	- / -3.54	1.61	-319.88% (-5.15)	―	―
Aug 04, 2020	2020 (Q2)	- / -6.14	1.44	-526.39% (-7.58)	―	―
Nov 05, 2020	2020 (Q3)	- / -7.04	0.17	-4241.18% (-7.21)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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WYNN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2024	$95.39	$86.49	-9.33%
Aug 06, 2024	$75.84	$74.40	-1.90%
May 07, 2024	$96.40	$94.94	-1.51%
Feb 07, 2024	$98.75	$104.96	+6.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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