Wynn Resorts has wrapped up 2024 with steady revenue and a keen focus on its expansion in the United Arab Emirates. The company’s fourth-quarter earnings call shed light on its financial health, upcoming projects, and its ambitions to dominate the UAE’s budding gaming market.
Revenue Holds Steady, But Net Income Drops
Wynn Resorts reported $1.84 billion in revenue for Q4 2024, an identical figure to the same quarter in 2023. While revenue remained unchanged, net income saw a significant drop to $277 million, down from the previous year’s $729.2 million. However, last year’s earnings were inflated by a one-time $474.2 million tax benefit, making this year’s decline less alarming.
CEO Craig Billings emphasized that despite the dip in net income, the company still set a new full-year record for Adjusted Property EBITDAR, a key industry profitability metric. Las Vegas properties and Wynn Palace in Macau posted gains, while Encore Boston Harbor and Wynn Macau saw minor declines.
Adjusted Property EBITDAR for Q4 2024 landed at $619.1 million, slightly lower than last year’s $630.4 million.
Wynn Al Marjan Island Moves Forward
One of the key highlights of the investor call was the progress of Wynn Al Marjan Island, the company’s first integrated resort in the UAE. Set to open in March 2027, the multi-billion-dollar project is a major part of Wynn’s future growth strategy.
Billings estimated that the UAE gaming market could be worth between $3 billion and $5 billion, making it a lucrative new frontier for the company. Wynn recently secured a $2.4 billion financing package for the resort—the largest hospitality-related financing deal in UAE history. The company’s total investment in the project has now reached $631.7 million, with $99 million added in Q4 alone.
Wynn’s leadership is confident about its first-mover advantage in the UAE, as gaming regulations in the country are still evolving. Billings downplayed concerns about immediate competition, stating that he doesn’t expect every emirate to pursue gaming licenses.
Stock Performance and Share Buybacks
Following the earnings report, Wynn’s stock initially jumped to $85.51 in after-hours trading before settling at $81.10. While revenue met expectations, the company delivered a surprise with adjusted earnings per share (EPS) of $2.42, which was significantly higher than analysts’ forecasts of $1.22.
Shareholder returns remain a priority for Wynn. The company repurchased 2.14 million shares in Q4 for a total of $200.3 million, bringing total buybacks for 2024 to 4.35 million shares at a cost of $386 million.
Wynn also announced a $0.25 per share dividend, payable on March 5, 2025, to shareholders of record as of February 24, 2025.
Expanding Its Global Reach with Crown London
Another strategic move for Wynn in Q4 was its acquisition of Crown London, a private gaming club in the UK capital. While not a blockbuster deal, it fits into the company’s long-term plan to expand its reach among high-net-worth gamblers from key international markets.
The club, formerly known as London Aspinalls, serves wealthy players from the UK, India, and the Middle East, making it a useful tool for attracting VIPs to Wynn’s resorts. Billings called the acquisition “a presence in a global gateway city,” reinforcing the company’s strategy of building a high-end international customer base.
Las Vegas Expansion Plans Remain on Hold
Despite holding 34 acres of undeveloped land in Las Vegas, Wynn did not announce any immediate plans for expansion. While the company has the space to build, it appears to be prioritizing its UAE project and other international opportunities over new development in its home market.
- Revenue: $1.84 billion, flat year-over-year
- Net Income: $277 million, down from $729.2 million (due to a one-time tax benefit in 2023)
- Adjusted Property EBITDAR: $619.1 million, down $11.3 million from last year
- Wynn Al Marjan Island: $631.7 million invested so far, set for a March 2027 opening
- Stock Performance: Peaked at $85.51 after earnings release, settled at $81.10
- Share Buybacks: 2.14 million shares repurchased in Q4, totaling 4.35 million for the year
- Dividend: $0.25 per share, payable March 5, 2025
Wynn is betting big on the UAE while maintaining strong shareholder returns. With steady revenue and a solid international strategy, the company remains a major player in the global casino industry.
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