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.
Wynn Resorts
Wynn Resorts
Wynn Resorts Revenue by Segment
Wynn Resorts Revenue by Geographic Location
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