Looking for fiscal boost from its ongoing mega resort project in the United Arab Emirates (UAE) and supercharging its US$1 billion buy-back programme, Wynn Resorts has released its financial results for the third quarter, ending September 30, reporting operating revenues of US$1.69 billion (£1.3bn/€1.55bn); a fractional US$21.4 million increase from the US$1.67 billion recorded in its Q3 last year.
The international gambling leviathan published a nominal net loss of US$32.1 million — a significant improvement on the $116.7 million net loss posted in the same period last year.
Macau Rebounds
The company’s consolidated operating revenues for Q3 2024 showed varying performances across its properties.
Wynn Macau, for example, saw an increase of some US$56.9 million and its Encore Boston Harbor operation experienced a US$3.7 million, y-o-y, rise in revenues.
But net revenue at Wynn’s Las Vegas Operations and Wynn Palace declined by US$11.8 million and US$5, respectively, over the same third quarter period.
Adjusted Property EBITDAR for the quarter stood at US$527.7 million, a slight decrease on the US$530.4 million reported in Q3 2023.
Dividend
Wynn Resorts’ Board of Directors declared a cash dividend of US$0.25 per share, to be paid this November 27.
“The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
UAE Advances
“Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth.
“At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases.
“To that end, we are pleased to announce that the Board has increased our share repurchase authorization to US$1 billion.
“We are excited about the outlook for the Company. And we will continue to focus on driving long-term returns for shareholders.”
