Wynn Resorts, Limited · NASDAQ:WYNN
Wynn Resorts — Q4 2024 Earnings Presentation
29 slides from Wynn Resorts's earnings presentation, Feb 13, 2025
Slide 1: Wynn Resorts 4Q24 Earnings Presentation
Wynn Resorts 4Q24 Earnings Presentation February 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express
Slide 3: The World's Only Global Luxury Integrated Resort Developer and Operator
The World’s Only Global Luxury Integrated Resort Developer and Operator Preeminent global designer, developer, and Wynn has built a collection of the operator of integrated resorts, and the only world’s leading luxury integrated resorts gaming company which is vertically integrated across all three
Slide 4: Iconic, Irreplaceable Assets in the World's Most Attractive Gaming Markets
Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets The development of Wynn Al Marjan Island and pending acquisition of Crown London Aspinalls(1) will further solidify Wynn’s position as the premier luxury global gaming operator Encore Boston Harbor (5) Wynn Mayfair (1) Wynn A
Slide 5: World Renowned Product and Service
World Renowned Product and Service Our industry-leading facilities, luxury service levels and team of “proprietors” are globally recognized, in part because of a relentless attention to detail in everything we do ✓ Collectively, Wynn Resorts has earned more Forbes Five Star awards than any other ind
Slide 6: Best-in-Class Facilities and Service Levels Drive a "Wynn Premium" – Las Vegas Case Study
Best-in-Class Facilities and Service Levels Drive a “Wynn Premium” – Las Vegas Case Study Adjusted Property EBITDAR Per Hotel Room ($ in thousands) 1.5x premium 2.3x premium $199 2.4x premium $87 $93 $83 $63 $53 Wynn Las Vegas Competitor One Competitor Two (LV Strip Assets) (LV Strip Assets) (1) 201
Slide 7: Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island
Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island in the UAE • Industry-leading product and service levels position us well to compete for new greenfield opportunities around the world • UAE is the most exciting new market for Integrated Resort development in decade
Slide 8: Diversified EBITDAR Base Further Enhanced by Opening of UAE in 1Q 2027
Diversified EBITDAR Base Further Enhanced by Opening of UAE in 1Q 2027 Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDAR and geographic diversity Vegas Macau Boston UAE Consolidat
Slide 9: Long-Term Shareholder Value Creation Matrix
Long-Term Shareholder Value Creation Matrix Significant Free Cash Large EBITDAR Base Defined Capex Cycle Flow Generation • $2.4bn 2024A Total • Completing the UAE • Strong balance sheet and Adjusted Property investment cycle in late liquidity position enables EBITDAR(1) 2026 return of capital to sha
Slide 10: Operational Update 4Q24
Operational Update 4Q24 10
Slide 11: Operational Excellence Driving Continued Record Annual Performance
Operational Excellence Driving Continued Record Annual Performance Las Vegas - Extending our leadership position in the world’s greatest Quarterly Total Adj. Property EBITDAR(1) entertainment market ($ in millions) o Record financial performance in 2024 and continued market share (2.1)% gains, despi
Slide 12: Wynn Las Vegas – Another Year of Record EBITDAR Performance
Wynn Las Vegas – Another Year of Record EBITDAR Performance(1) Extending our leadership position on the LV Strip Quarterly Adj. Property EBITDAR • Record financial performance in 2024 on very challenging year-on- ($ in millions) year comps (1.2)% $271 $267 • Current business trends and forward deman
Slide 13: Encore Boston Harbor – Strong Performance in a Challenging Regional Gaming Environment
Encore Boston Harbor – Strong Performance in a Challenging Regional Gaming Environment The East Coast’s Leading 5-star Casino Resort Quarterly Adj. Property EBITDAR • Steady operating performance ($ in millions) (8.6)% $64 o Strong return on equity following de-risking sale leaseback $59 transaction
Slide 14: Macau Operations – Strong Long-Term Positioning in a Competitive Market
Macau Operations(1) – Strong Long-Term Positioning in a Competitive Market Significant free cash flow generation Quarterly Adj. Property EBITDAR • Healthy balance sheet position and strong free cash flow generation allows us to continue to invest in the market and return capital to ($ in millions) s
Slide 15: Wynn Al Marjan Island Update
Wynn Al Marjan Island Update 15
Slide 16: Wynn Al Marjan Island – Construction Progress Update
Wynn Al Marjan Island – Construction Progress Update Construction is progressing on schedule, currently through the 35th floor of the hotel tower Note: As of February 10, 2025. 16
Slide 17: We Have Made Significant Progress Towards An Early-2027 Opening
We Have Made Significant Progress Towards An Early-2027 Opening • In 4Q24, Wynn Al Marjan Island hired 9 new team members to join the project, bringing our total employee count to date to 36, consisting of mostly senior level executives o ~175 anticipated by YE2025 • We have each of our key division
Slide 18: Free Cash Flow Update
Free Cash Flow Update 18
Slide 19: Well-Defined Capex Cycle Coming to a Natural Conclusion in late 2026
Well-Defined Capex Cycle Coming to a Natural Conclusion in late 2026 Projects(1) 2025 2026 • Remaining est. equity contributions of $700 – • ~$350 – 375mm • ~$350 – 400mm $775mm on the project Wynn Al Marjan Island • Encore Tower renovation • Completion of Fairway Villas renovation • Zero Bond • ~$3
Slide 20: Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets
Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets Projects(1) 2025 2026 • Wynn Palace destination food hall Wynn Palace • Wynn Palace Event and • ~$250 – 300mm • ~$450 – 500mm Entertainment Center • Wynn Palace Theater and Resident Show Wynn Macau 20 1. Se
Slide 21: Free Cash Flow Forecast Items
Free Cash Flow Forecast Items 2025 Domestic Cash Flow Forecast Items • $750 – $800mm domestic project capex, which includes equity contributions for the development of Wynn Al Marjan Island, Project Capex as well as Las Vegas, Boston and other domestic capex projects Maintenance Capex • $90 – $115mm
Slide 22: Building on the Extensive Capital Return Program Already Underway
Building on the Extensive Capital Return Program Already Underway ~$755 Million ~$195 Million ~$100 Million of WRL Share of WRL Dividends of WML Dividends Repurchases Since Paid Since 2023 Paid During 2024 2022 Over ~$1 Billion of Capital Returned to WRL and WML Shareholders Since 2022 22 Note: Thro
Slide 23: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update 23
Slide 24: Significant Liquidity and Fortified Balance Sheet With No Near-Term Maturities
Significant Liquidity and Fortified Balance Sheet With No Near-Term Maturities Wynn Resorts’ Domestic Debt Maturity Profile ($ in millions) (3) $735 $1.7bn 3.9x 6.0% $880(4) Total Net Lease- Weighted Liquidity(1) Adj. Avg. Cost (5) Leverage(2) of Debt $1,363 $1,000 $800 $750 1 2025 2026 2027 2028 20
Slide 25: Appendix
Appendix 25
Slide 26: Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Margin
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 4Q24 vs. 4Q23 Three Months Ended December 31, 2024 Total Macau Las Vegas Encore Boston Reportable Corporate and (US$ in millions) Wynn Palace Wynn Macau Other Macau (1) Total Operations Operat
Slide 27: Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR, FY 2024
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin FY 2024 vs. FY 2023 Year Ended December 31, 2024 Total Macau Las Vegas Encore Boston Reportable Corporate and (US$ in millions) Wynn Palace Wynn Macau Other Macau (1) Total Operations Operatio
Slide 28: Reconciliation of Net Income Attributable to Wynn Resorts to Adjusted Property EBITDAR
Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR Three Months Ended Year Ended December 31, December 31, (US$ in millions) 2024 2023 2024 2023 Net income attributable to Wynn Resorts, Limited $277 $729 $501 $730 Net income attributable to noncontrolling
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