Wynn Resorts reported combined operating revenues from its two Macau integrated resorts – Wynn Palace and Wynn Macau – of US$926.6 million in the three months to 31 December 2024, representing a slight 1.8% year-on-year increase and 6.4% higher than the September quarter.
Adjusted Property EBITDAR of US$292.8 million was up 11.4% year-on-year but slightly down on the US$296.9 million recorded in 3Q24.
The year-on-year improvement was primarily on the back of gains at Cotai resort Wynn Palace, where operating revenues grew by 7.4% to US$562.9 million. Adjusted Property EBITDAR also grew by 7.9% to US$184.6 million.
The company’s financial reports show that Wynn Palace casino revenues rose by 10.0% year-on-year to US$458.8 million in Q4, aided by higher hold in the mass table games and VIP segments. That was despite mass table drop and VIP turnover both showing small year-on-year declines.
At peninsula property Wynn Macau, operating revenues fell by 5.8% to US$363.7 million compared with the same period in 2023 although they were 3.3% higher than the September 2024 quarter. Adjusted Property EBITDAR of US$108.2 million was down 14.0% year-on-year.
Wynn Macau generated casino revenues of US$306.5 million, down 4.4% year-on-year, with VIP turnover down 22.3% year-on-year. Mass table drop was down 1.0% but slot machine handle grew by some 20.5% for the period.
Group-wide, parent Wynn Resorts reported flat year-on-year operating revenues of US$1.84 billion although net income fell from US$729.2 million a year earlier to US$277.0 million in 4Q24 due to a US$474.2 million income tax benefit in the prior year period.
Adjusted Property EBITDAR of US$619.1 million was slightly down from US$630.4 million for the fourth quarter of 2023.
“Our fourth quarter and full year results reflect continued strength throughout our business, setting another full-year record for Adjusted Property EBITDAR for the Company in 2024, with another annual record in Las Vegas,” said Wynn Resorts CEO, Craig Billings.
“We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau, led by strength in both premium mass and VIP. In addition, construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the thirty-fifth floor of the hotel tower was recently completed. We are confident the resort will be a ‘must see’ tourism destination in the UAE and will support strong long-term free cash flow growth.”
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