Wynn Resorts Tuesday announced it set a second-quarter record for property earnings, along with year-over-year increases in operating revenue and net income.
Wynn Resorts stock closed Tuesday at $76.29, up 3.73 percent on the day, and continued to rise in after-hours trading. The stock is trading just above its 52-week low of $71.63. The 52-week high is $110.38.
Operating revenues were $1.73 billion for the second quarter, an increase of $137.1 million from $1.60 billion for the second quarter of 2023. Net income was $111.9 million for the second quarter compared to $105.2 million for the second quarter of 2023. Adjusted property EBITDAR was $571.7 million for the second quarter compared to $524.5 million for the second quarter of 2023.
“Our second-quarter results, including a new second-quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business,” said Wynn Resorts Craig Billings.
For the second quarter, operating revenues increased $79.7 million, $35.7 million, and $50.6 million at Wynn Palace, Wynn Macau, and in Las Vegas, respectively, and decreased $9.3 million at Encore Boston Harbor, from the second quarter of 2023.
Adjusted Property EBITDAR increased $27.9 million, $6.3 million, and $6.2 million at Wynn Palace, Wynn Macau, and in Las Vegas respectively, and decreased $7 million at Encore Boston Harbor, from the second quarter of 2023.
Operating revenues from Wynn Palace were $548 million for the second quarter, an increase of $79.7 million from $468.4 million in the second quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $184.5 million for the second quarter compared to $156.6 million for the second quarter of 2023. Table games win percentage in mass-market operations was 23.6%, above the 20.3% experienced in the second quarter of 2023. VIP table games win as a percentage of turnover was 4.10%, above the property’s expected range of 3.1% to 3.4% and below the 4.24% experienced in the second quarter of 2023.
Operating revenue from Wynn Macau was $337.3 million for the second quarter, an increase of $35.7 million from $301.6 million for the second quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $95.9 million for the second quarter compared to $89.6 million for the second quarter of 2023. Table games win percentage in mass-market operations was 17.5%, below the 17.7% experienced in the second quarter of 2023. VIP table games win as a percentage of turnover was 2.19%, below the property’s expected range of 3.1% to 3.4% and below the 4.16% experienced in the second quarter of 2023.
Operating revenue from Las Vegas was $628.7 million for the second quarter, an increase of $50.6 million from $578.1 million for the second quarter of 2023. Adjusted Property EBITDAR in Las Vegas was $230.3 million, compared to $224.1 million for the second quarter of 2023. Table games win percentage for the second quarter of 2024 was 21.9%, slightly below the property’s expected range of 22% to 26% and below the 22.9% experienced in the second quarter of 2023.
Operating revenue from Encore Boston Harbor was $212.6 million for the second quarter, a decrease of $9.3 million from $221.9 million for the second quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter was $62.1 million compared to $69.1 million for the second quarter of 2023. Table games win percentage for the second quarter of 2024 was 19.6%, within the property’s expected range of 18% to 22% and below the 22.3% experienced in the second quarter of 2023.
Total current and long-term debt outstanding on June 30 was $11.03 billion, consisting of $6.44 billion of Macau-related debt, $1.46 billion of Wynn Las Vegas debt, $2.52 billion of WRF debt, and $614.4 million of debt held by the retail joint venture.
During the second quarter of 2024, the company repurchased 741,340 shares of its common stock under its publicly announced equity-repurchase program at an average price of $91.72 per share for an aggregate cost of $68 million. As of June 30, the company had $365.4 million in repurchase authority remaining under the program.
Wynn Resorts announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on August 30 to stockholders of record as of August 19.
