Wynn Resorts has posted improved financial results for the third quarter, largely attributed to significant revenue growth in its Macau operations. The Las Vegas-based gaming company reported a reduced net loss of $32.1 million, a marked improvement from the $116.7 million loss it recorded during the same period last year. Revenue for the quarter rose modestly to $1.69 billion from $1.67 billion a year ago, though it fell slightly below analysts’ projected $1.73 billion. Adjusted earnings per share came in at 90 cents, missing FactSet’s forecast of $1.04.
Macau proved pivotal in Wynn’s quarterly performance, as MarketWatch pointed out, with Wynn Macau’s revenue rising by 6.3% year-on-year to $871.7 million, bolstered by robust demand and higher mass gaming figures. Wynn Macau, located on the peninsula, reported casino revenue up by nearly 29%, reaching $296.8 million. Meanwhile, Wynn Palace on the Cotai Strip experienced relatively flat results, with casino revenue remaining steady at $418 million. CEO Craig Billings emphasized Macau’s strong mass gaming sector, attributing the stable performance to “healthy demand across our resorts” and indicating that the company’s investment strategy is paying off.
In a notable shift, VIP rolling chip turnover at Wynn Palace grew by 11.6%, totaling $3.2 billion, though mass-market table drop fell by 1.8% to $1.69 billion. Wynn Macau saw a contrasting trend with a 9.5% increase in mass-market table drop to $1.51 billion, while VIP turnover remained stable at $1.2 billion. Slot revenue in Macau saw a notable 43% increase year-on-year, with Wynn Palace achieving $577.3 million and Wynn Macau reaching $815.3 million.
The positive figures translated into increased earnings before interest, tax, depreciation, amortization, and rent (EBITDAR) for Wynn Macau, which rose by 29% year-over-year to $100.6 million. In contrast, Wynn Palace’s EBITDAR declined by 8.3% to $162.3 million.
US Operations See Mixed Results
In the United States, Wynn’s performance reflected mixed trends. Las Vegas operations saw a 13.6% decline in casino revenue to $145.2 million. The table games sector in Las Vegas faced a downturn, with table drop slipping by 14.3% to $580.8 million, though slot machine handle showed resilience, rising by 3.5% to reach $1.69 billion. Adjusted EBITDAR for Las Vegas dropped marginally to $202.7 million. Additionally, the company reported an occupancy rate decline to 89% for its Las Vegas property.
On a more positive note, Encore Boston Harbor in Massachusetts delivered a 1.8% increase in total casino revenue, totaling $158.7 million. Table games and slot handle both saw growth, with table drop increasing by 1% to $347 million and slot handle rising by 3.1% to $1.37 billion. Encore Boston Harbor’s occupancy rate rose to 96.9%, and adjusted property EBITDAR increased to $63 million.
Future Development and Share Repurchase Program
Wynn Resorts is also advancing its future development with the construction of Wynn Al Marjan Island, a luxury resort set to open in Ras Al Khaimah, UAE, in 2027. To date, the company has invested $532.6 million into this ambitious project, contributing $18.2 million in the third quarter alone. Billings expressed confidence in the project’s appeal, describing the planned resort as a “must-see tourism destination” anticipated to generate substantial cash flow over the long term.
The company’s commitment to delivering value to shareholders remains strong, evidenced by an expansion of its stock buyback initiative. Wynn’s board approved an additional $1 billion for stock repurchases, augmenting a prior authorization. During the third quarter, Wynn repurchased 1.46 million shares, averaging $80.37 per share, bringing its total repurchases for the first nine months to $185.7 million for 2.21 million shares.
Reflecting on the quarterly performance, Billings highlighted the benefits of the company’s continued investment in both its team and its unique property assets. “Our third quarter results reflect healthy demand across our resorts,” Billings said, noting that strong mass gaming wins in Macau and steady non-gaming performance in Las Vegas have reinforced Wynn’s market leadership.
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