Wynn Resorts, Limited (NASDAQ: WYNN) has reported its financial results for the fourth quarter and full year ended December 31, 2024. The company’s performance highlights include solid year-over-year revenue growth, while the fourth quarter results were influenced by a significant prior-year tax benefit.
Wynn Resorts posted operating revenues of US$1.84 bn (£1.46 bn/€1.76 bn) for the fourth quarter of 2024, which remained flat compared to the same period in 2023. The company’s net income attributable to Wynn Resorts, Limited for the fourth quarter was $277.0 million, a decrease from $729.2 million reported in Q4 2023. The prior year’s results were positively impacted by an income tax benefit of $474.2 million related to a release of valuation allowances on certain deferred tax assets. Diluted net income per share for the fourth quarter was $2.29, down from $6.19 in Q4 2023.
Adjusted net income attributable to Wynn Resorts for the fourth quarter of 2024 was $263.3 million, or $2.42 per diluted share, compared to $213.7 million, or $1.91 per diluted share, in the fourth quarter of 2023. The company reported Adjusted Property EBITDAR of $619.1 million for the quarter, a decrease of $11.3 million from the previous year.
In terms of regional performance, Wynn Palace and Las Vegas Operations saw slight increases in operating revenues, whereas Wynn Macau and Encore Boston Harbor experienced declines. Wynn Palace’s revenue rose by $38.6 million, while Las Vegas Operations increased by $2.7 million. However, Wynn Macau and Encore Boston Harbor saw decreases of $22.5 million and $4.5 million, respectively.
For the full year ended December 31, 2024, Wynn Resorts reported operating revenues of $7.13 billion, marking a $596.1 million increase compared to the previous year. Wynn Palace, Wynn Macau, and Las Vegas Operations contributed to the increase, with respective revenue gains of $330.8 million, $251.1 million, and $91.3 million. Encore Boston Harbor’s revenue decreased by $8.6 million for the year.
Net income attributable to Wynn Resorts for the full year was $501.1 million, compared to $730.0 million in 2023, primarily due to the one-time tax benefit in 2023. Diluted net income per share for the year was $4.35, a decrease from $6.32 in 2023. Adjusted net income for the full year was $663.5 million, or $6.02 per diluted share, compared to $462.3 million, or $4.10 per diluted share, for the prior year.
The company’s Adjusted Property EBITDAR for the full year was $2.36 billion, an increase of $250.0 million from 2023, driven by strong performance across Wynn Palace and Wynn Macau.
Wynn Resorts also announced that its Board of Directors declared a cash dividend of $0.25 per share. The dividend is payable on March 5, 2025, to stockholders of record as of February 24, 2025.
Overall, Wynn Resorts showed steady performance in 2024, with a strong recovery in Macau and Las Vegas contributing to the company’s positive long-term growth trajectory. Despite some fluctuations in the fourth quarter, Wynn’s diversified global operations are positioned for continued success in 2025.
“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.”
