Press release
Wynn Resorts, Limited Reports Fourth Quarter and Year End 2024 Results
LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter
About this update from Wynn Resorts, Limited
[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nWynn Resorts, Limited (NASDAQ: WYNN) (\"Wynn Resorts\" or the \"Company\") today reported financial results for the fourth quarter ended December 31, 2024.\n\n\nOperating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted Property EBITDAR(1) was $619.1 million for the fourth quarter of 2024, compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023.\n\n\n\"Our fourth quarter and full year results reflect continued strength throughout our business, setting another full-year record for Adjusted Property EBITDAR for the Company in 2024, with another annual record in Las Vegas,\" said Craig Billings, CEO of Wynn Resorts, Limited. \"We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP. In addition, construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the thirty-fifth floor of the hotel tower was recently completed. We are confident the resort will be a 'must see' tourism destination in the UAE and will support strong long-term free cash flow growth. At the same time, during the fourth quarter, we continued to focus on the return of capital to shareholders through both a cash dividend and the repurchase of $200 million of our stock.\"\n\n\nConsolidated Results\n\n\nOperating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. For the fourth quarter of 2024, operating revenues increased $38.6 million and $2.7 million at Wynn Palace and our Las Vegas Operations, respectively, and d...