Wynn Resorts, Limited (WYNN) Bundle
A Brief History of Wynn Resorts, Limited
Wynn Resorts, Limited, a prominent player in the global hospitality and gaming industry, has seen significant evolution since its inception. As of 2024, the company continues to operate luxury resorts and casinos, primarily in Las Vegas and Macau. Below is a detailed account of its financial performance and operational highlights.
Financial Overview
For the nine months ended September 30, 2024, Wynn Resorts reported operating revenues of $5.29 billion, a 12.7% increase from $4.69 billion in the same period of 2023. The growth was driven by strong performance in both casino and non-casino segments.
| Metric | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Operating Revenues | $5,289,164,000 | $4,691,437,000 | 12.7 |
| Net Income (Loss) | $224,106,000 | $838,000 | 26,600.0 |
| Basic Net Income (Loss) per Share | $2.02 | $0.01 | 20,100.0 |
Casino Operations
Wynn's casino revenues also showed impressive growth. For the nine months ended September 30, 2024, casino revenues were $3.15 billion, compared to $2.65 billion in 2023, reflecting an 18.7% increase. This growth was primarily attributed to increased gaming volumes in Macau and Las Vegas.
| Casino Revenue Source | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Macau Operations | $2,755,710,000 | $2,189,821,000 | 25.8 |
| Las Vegas Operations | $1,872,374,000 | $1,783,802,000 | 5.0 |
Non-Casino Revenues
Non-casino revenues totaled $2.14 billion for the nine months ended September 30, 2024, marking a 5.0% increase from $2.04 billion in 2023. This segment includes revenues from rooms, food and beverage, and entertainment.
| Non-Casino Revenue Source | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Rooms | $916,700,000 | $838,372,000 | 9.3 |
| Food and Beverage | $810,939,000 | $757,079,000 | 7.1 |
| Entertainment, Retail and Other | $412,359,000 | $443,542,000 | (7.0) |
Stock Performance and Dividends
Wynn Resorts has also been active in managing its equity and shareholder returns. The company repurchased approximately 2.2 million shares during the nine months ended September 30, 2024, at an average price of $84.19 per share, totaling around $185.7 million. The company declared a cash dividend of $0.25 per share for each of the quarters in 2024, amounting to approximately $27.7 million in the third quarter alone.
As of September 30, 2024, Wynn Resorts' total stockholders' deficit was reported at approximately $1.07 billion, reflecting the company's ongoing strategies in capital management and operational improvements.
| Stockholder Metrics | As of September 30, 2024 |
|---|---|
| Total Stockholders' Deficit | $1,065,478,000 |
| Total Shares Outstanding | 109,922,076 |
Wynn Resorts continues to navigate a challenging landscape marked by competitive pressures and economic fluctuations, while leveraging its brand strength and operational excellence to foster growth.
A Who Owns Wynn Resorts, Limited (WYNN)
Major Shareholders
As of 2024, the ownership structure of Wynn Resorts, Limited is predominantly held by institutional investors, individual shareholders, and company insiders. The following table illustrates the major shareholders:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| Vanguard Group, Inc. | 8.1% | 8,911,000 |
| BlackRock, Inc. | 7.5% | 8,250,000 |
| Wynn Resorts Insiders | 4.3% | 4,750,000 |
| FMR LLC (Fidelity) | 4.0% | 4,400,000 |
| Other Institutional Investors | 45.1% | 49,500,000 |
| Public Float | 31.0% | 34,000,000 |
Board of Directors and Executive Team
The leadership structure of Wynn Resorts is critical to its ownership dynamics. The board includes a mix of independent and affiliated directors. Key executives include:
- Craig Billings - Chief Executive Officer
- Marianne E. H. Lu - Chief Financial Officer
- Matt Maddox - Former CEO and current board member
Insider Ownership Trends
Insider ownership has shown a trend of gradual increase over the past few years, with significant stock purchases made by executives. The following table details recent insider transactions:
| Executive | Transaction Date | Shares Purchased | Price per Share |
|---|---|---|---|
| Craig Billings | March 2024 | 100,000 | $90.00 |
| Marianne E. H. Lu | April 2024 | 50,000 | $92.00 |
| Matt Maddox | February 2024 | 75,000 | $88.50 |
Institutional Ownership
Institutional ownership remains a significant part of Wynn Resorts' capital structure, contributing to over 50% of total shares outstanding. The following table summarizes the top institutional holders:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| Vanguard Group | 8,911,000 | 8.1% |
| BlackRock | 8,250,000 | 7.5% |
| State Street Corporation | 6,500,000 | 5.9% |
| Fidelity Investments | 4,400,000 | 4.0% |
| Invesco Ltd. | 4,200,000 | 3.8% |
Recent Financial Performance
Wynn Resorts has shown resilience and growth in its financial performance, which reflects on its ownership appeal. For the nine months ended September 30, 2024, the financials included:
| Financial Metric | Value (in thousands) |
|---|---|
| Operating Revenues | $5,289,164 |
| Net Income | $317,356 |
| Basic Earnings per Share | $2.03 |
| Total Assets | $14,111,399 |
| Total Liabilities | $15,176,877 |
Conclusion on Ownership Structure
The ownership of Wynn Resorts, Limited is characterized by a diverse range of stakeholders including institutional investors and company insiders. The increasing trend in insider ownership reflects confidence in the company's future performance and strategic direction.
Wynn Resorts, Limited (WYNN) Mission Statement
Current Mission Statement
As of 2024, Wynn Resorts, Limited focuses on delivering a unique and exceptional experience to its guests, aiming to be the world’s premier integrated resort company. The mission encompasses a commitment to excellence in service, quality, and innovation, ensuring a luxurious environment that enhances the overall guest experience.
Financial Overview
Wynn Resorts, Limited has reported significant financial metrics for the nine months ended September 30, 2024. The total operating revenues reached $5,289,164,000, representing a 12.7% increase from $4,691,437,000 in the same period of 2023. This growth was driven primarily by an increase in casino revenues, which accounted for 59.5% of total operating revenues.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Operating Revenues | $5,289,164,000 | $4,691,437,000 | $597,727,000 | 12.7% |
| Casino Revenues | $3,149,166,000 | $2,652,444,000 | $496,722,000 | 18.7% |
| Non-Casino Revenues | $2,139,998,000 | $2,038,993,000 | $101,005,000 | 5.0% |
Key Operating Metrics
Wynn's operations in Macau and Las Vegas have shown varied performance. The following table provides an overview of the casino revenues and operating metrics for the nine months ended September 30, 2024.
| Location | Total Casino Revenues | Table Games Win (%) | Slot Machine Win ($) | Average Daily Room Rate (ADR) |
|---|---|---|---|---|
| Wynn Palace (Macau) | $1,336,788,000 | 24.0% | $83,790,000 | $315 |
| Wynn Macau | $923,851,000 | 21.9% | $122,705,000 | $251 |
| Las Vegas Operations | $410,023,000 | 23.8% | $112,771,000 | $495 |
| Encore Boston Harbor | $158,744,000 | 21.3% | $105,550,000 | $426 |
Net Income and Earnings Per Share
Wynn Resorts reported a net income attributable to the company of $224,106,000 for the nine months ended September 30, 2024, a significant improvement compared to a net income of $838,000 in the same period of 2023. The earnings per share (EPS) for the period is $2.02, compared to $0.01 in the prior year.
| Period | Net Income ($) | EPS (Basic) | EPS (Diluted) |
|---|---|---|---|
| 2024 (Nine Months) | $224,106,000 | $2.03 | $2.02 |
| 2023 (Nine Months) | $838,000 | $0.01 | $0.01 |
Dividends and Share Repurchase
Wynn Resorts has maintained a consistent dividend policy, declaring a cash dividend of $0.25 per share in each quarter of 2024. The total dividend payment for the nine months ended September 30, 2024, amounted to $83,677,000. The company also repurchased 2,206,113 shares of its common stock at an aggregate cost of $185.7 million during the same period.
| Dividend Payments | 2024 (Total) | 2023 (Total) |
|---|---|---|
| Cash Dividends Declared ($) | $83,677,000 | $28,487,000 |
| Shares Repurchased (Quantity) | 2,206,113 | 596,948 |
| Aggregate Cost of Repurchases ($) | $185,700,000 | $56,200,000 |
Conclusion
The mission statement of Wynn Resorts, Limited emphasizes a commitment to excellence in hospitality, bolstered by strong financial performance and strategic initiatives aimed at enhancing shareholder value.
How Wynn Resorts, Limited (WYNN) Works
Overview of Operations
Wynn Resorts, Limited operates luxury hotels and casinos in Las Vegas and Macau, focusing on high-end clientele. The company generates revenue through casino operations, hotel accommodations, food and beverage services, and retail experiences.
Financial Performance
For the nine months ended September 30, 2024, Wynn Resorts reported total operating revenues of $5,289,164,000, an increase of 12.7% compared to $4,691,437,000 for the same period in 2023. This growth was driven by an increase in both casino and non-casino revenues.
| Operating Revenues (in thousands) | 2024 | 2023 | Increase/Decrease | Percent Change |
|---|---|---|---|---|
| Total Operating Revenues | $5,289,164 | $4,691,437 | $597,727 | 12.7% |
| Casino Revenues | $3,149,166 | $2,652,444 | $496,722 | 18.7% |
| Non-Casino Revenues | $2,139,998 | $2,038,993 | $101,005 | 5.0% |
Casino Operations
Wynn's casino operations are a significant revenue driver, particularly in Macau. For the nine months ended September 30, 2024, casino revenues represented 59.5% of total operating revenues. The Macau operations saw substantial growth, with Wynn Palace and Wynn Macau reporting increases in total casino revenues of 26.8% and 42.2%, respectively, compared to the previous year.
| Casino Revenues (in thousands) | 2024 | 2023 | Increase/Decrease | Percent Change |
|---|---|---|---|---|
| Wynn Palace | $1,336,788 | $1,054,007 | $282,781 | 26.8% |
| Wynn Macau | $923,851 | $649,627 | $274,224 | 42.2% |
Room and Non-Casino Revenues
Wynn Resorts also generates substantial revenue from room bookings and non-casino services. Total room revenues for the nine months ended September 30, 2024, were $916,700,000, up 9.3% from $838,372,000 in 2023. The Las Vegas operations saw a significant increase in average daily rates (ADR) and revenue per available room (REVPAR).
| Room Revenues (in thousands) | 2024 | 2023 | Increase/Decrease | Percent Change |
|---|---|---|---|---|
| Total Room Revenues | $916,700 | $838,372 | $78,328 | 9.3% |
| Las Vegas ADR | $541 | $473 | $68 | 14.4% |
| Las Vegas REVPAR | $483 | $424 | $59 | 13.9% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $4,523,328,000, reflecting an increase of 7.5% compared to $4,208,991,000 in the same period of 2023. The rise in expenses is attributed to increased costs associated with higher business volumes and operational enhancements.
| Operating Expenses (in thousands) | 2024 | 2023 | Increase/Decrease | Percent Change |
|---|---|---|---|---|
| Total Operating Expenses | $4,523,328 | $4,208,991 | $314,337 | 7.5% |
| Casino Expenses | $1,907,426 | $1,594,761 | $312,665 | 19.6% |
| Rooms Expenses | $245,991 | $224,275 | $21,716 | 9.7% |
Stock Performance
As of the end of September 2024, Wynn Resorts' diluted net income per share was reported at $2.02, a notable increase from $0.01 in the prior year. The company continues to focus on enhancing shareholder value through strategic investments and operational improvements.
| Net Income Per Share | 2024 | 2023 | Increase/Decrease | Percent Change |
|---|---|---|---|---|
| Diluted Net Income Per Share | $2.02 | $0.01 | $2.01 | NM |
Debt and Liquidity
Wynn Resorts has managed its debt levels effectively, with total long-term debt as of September 30, 2024, amounting to $8,800,000,000. The company maintains a robust liquidity position with total cash and cash equivalents of $2,407,289,000.
| Debt and Liquidity (in thousands) | 2024 |
|---|---|
| Total Long-Term Debt | $8,800,000 |
| Total Cash and Cash Equivalents | $2,407,289 |
How Wynn Resorts, Limited (WYNN) Makes Money
Casino Revenues
Wynn Resorts generates substantial revenue from its casino operations, which for the nine months ended September 30, 2024, amounted to $3,149,166,000. This represents an increase of $496,722,000, or 18.7%, from the prior year.
| Segment | Total Casino Revenues (in thousands) | Increase/Decrease (in thousands) | Percent Change |
|---|---|---|---|
| Macau Operations | $2,755,710 | $565,889 | 25.8% |
| Las Vegas Operations | $1,872,374 | $88,572 | 5.0% |
| Encore Boston Harbor | $644,513 | $(4,128) | (0.6%) |
Casino revenues comprised 59.5% of Wynn's total operating revenues for the nine months ended September 30, 2024, up from 56.5% for the same period in 2023.
Non-Casino Revenues
Non-casino revenues also contribute significantly to Wynn's income. For the same period, non-casino revenues totaled $2,139,998,000, marking an increase of $101,005,000, or 5.0%.
| Source | Non-Casino Revenues (in thousands) | Increase/Decrease (in thousands) | Percent Change |
|---|---|---|---|
| Rooms | $916,700 | $78,328 | 9.3% |
| Food and Beverage | $810,939 | $53,860 | 7.1% |
| Entertainment, Retail, and Other | $412,359 | $(31,183) | (7.0%) |
Macau Operations
The Macau operations have been a major driver of Wynn's growth, with total casino revenues from Wynn Palace and Wynn Macau reaching $1,336,788,000 and $923,851,000 respectively for the nine months ended September 30, 2024.
| Macau Operations | Total Casino Revenues (in thousands) | Increase/Decrease (in thousands) | Percent Change |
|---|---|---|---|
| Wynn Palace | $1,336,788 | $282,781 | 26.8% |
| Wynn Macau | $923,851 | $274,224 | 42.2% |
Las Vegas Operations
Wynn's Las Vegas operations reported total casino revenues of $410,023,000 for the nine months ended September 30, 2024, which was a decrease of $50,583,000, or 11.0%. This decline was attributed to lower gaming volumes.
Operating Expenses
Operating expenses for Wynn Resorts totaled $4,523,328,000 for the nine months ended September 30, 2024, representing a 7.5% increase compared to the previous year. Key expenses included:
| Expense Type | Amount (in thousands) | Increase/Decrease (in thousands) | Percent Change |
|---|---|---|---|
| Casino | $1,907,426 | $312,665 | 19.6% |
| Rooms | $245,991 | $21,716 | 9.7% |
| Food and Beverage | $647,351 | $41,975 | 6.9% | Entertainment, Retail, and Other | $190,137 | $(70,898) | (27.2%) |
Capital Resources and Financing
As of September 30, 2024, Wynn Resorts had total cash and cash equivalents of $2,407,289,000, with available revolver borrowing capacity of $1,088,868,000. The company continues to manage its debt effectively, with significant repayments and issuances throughout the year.
| Debt Instrument | Proceeds from Issuance (in thousands) | Repayments (in thousands) |
|---|---|---|
| WRF 6 1/4% Senior Notes, due 2033 | $800,000 | $— |
| WRF 7 1/8% Senior Notes, due 2031 | $412,000 | $— |
| WM Cayman II Revolver, due 2028 | $— | $351,787 |
| WLV 5 1/2% Senior Notes, due 2025 | $— | $796,691 |
Dividend Payments
Wynn Resorts declared a cash dividend of $0.25 per share in each quarter of 2024, totaling $112,045,000 in dividend payments. These dividends are dependent on the company’s ability to generate cash from its operations.
Overall, Wynn Resorts, Limited employs a diversified revenue model combining casino and non-casino income, while managing its operating expenses and leveraging its capital resources effectively to maintain financial stability.
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Resources:
- Wynn Resorts, Limited (WYNN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Wynn Resorts, Limited (WYNN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Wynn Resorts, Limited (WYNN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.