Casino company Wynn Resorts
Here are the key highlights.
What Happened: Wynn Resorts reported third quarter operating revenue of $1.67 billion, which was up from a total of $889.7 million reported in the prior year's period. The revenue total beat a Street consensus estimate of $1.585 billion, according to data from Benzinga Pro.
The company reported adjusted earnings per share of 99 cents, which beat a Street consensus estimate of 75 cents per share.
Adjusted EBITDAR was $530.4 million in the third quarter, compared to $173.5 million reported a year ago.
Revenue and adjusted EBITDAR was broken down as follows:
- Wynn Palace (Macau): $524.8 million revenue, $177.0 million EBITDAR
- Wynn Macau: $295.0 million revenue, $77.9 million EBITDAR
- Las Vegas Operations: $619.0 million revenue, $219.7 million EBITDAR
- Encore Boston Harbor: $210.4 million revenue, $60.5 million EBITDAR
The company ended the third quarter with $2.79 billion in cash and cash equivalents and had total debt of $11.79 billion.
Wynn Resorts bought back 596,948 shares of its stock at an average of $94.11 for a total cost of $56.2 million in the third quarter.
What's Next: The company highlighted its upcoming integrated resort being built in the United Arab Emirates. Wynn Al Marjan Island is expected to open in 2027.
"On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE," Billings said.
The Wynn Resorts CEO also highlighted the ongoing recovery in the Macau region.
"In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses."
WYNN Price Action: Wynn shares are down 5% to $85.75 in after-hours trading Thursday, versus a 52-week trading range of $68 to $117.86.
