Wynn Resorts Q1 2024 Earnings Report
Key Takeaways
Wynn Resorts reported a strong first quarter in 2024, with operating revenues of $1.86 billion, an increase of $439.2 million from Q1 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million, compared to $12.3 million in the previous year. Adjusted Property EBITDAR reached a new all-time record at $646.5 million.
Operating revenues increased by $439.2 million compared to the first quarter of 2023, reaching $1.86 billion.
Net income attributable to Wynn Resorts, Limited was $144.2 million, a significant increase from $12.3 million in the first quarter of 2023.
Adjusted Property EBITDAR reached a record $646.5 million, up from $429.7 million in the first quarter of 2023.
The company declared a cash dividend of $0.25 per share, payable on May 31, 2024.
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Wynn Resorts Revenue by Segment
Forward Guidance
Wynn Resorts is optimistic about the future, with ongoing construction at Wynn Al Marjan Island and a strong leadership position in its markets.
Positive Outlook
- Strong momentum experienced in 2023 continued to build during the first quarter.
- Adjusted Property EBITDAR reached a new all-time record.
- Investments in properties, team, and unique programming continue to extend leadership position in each market.
- Vertical construction on the hotel tower at Wynn Al Marjan Island is well underway.
- Confident that Wynn Al Marjan Island resort will be a 'must see' tourism destination in the UAE.
Challenges Ahead
- Reductions in discretionary consumer spending.
- Adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth.
- Changes in interest rates.
- Extensive regulation of our business.
- Construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island).
Revenue & Expenses
Visualization of income flow from segment revenue to net income