Coming off a record-setting Q1, Wynn Resorts reported its second-quarter results Tuesday, touting another quarter of achievement.
“Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business,” said Craig Billings, CEO of Wynn Resorts.
The company set the high mark for all-time quarterly adjusted property EBITDAR (Earnings before interest, taxes, depreciation, amortization, and restructuring) in Q1 with $646.5 million. Although Q2’s performance did not break that record, the $571.7 million reported was still a new second-quarter record for the metric and blew past Q2 2023’s $524.5 million.
Overall, Wynn Resorts generated $1.73 billion in operating revenues for the second quarter of 2024 too, an increase of $137.1 million (+8.1%) from $1.60 billion for Q2 2023.
$WYNN reported slight year-over-year AEBITDAR gains for its Las Vegas properties in Q2 2024 compared to Q2 2023, reflecting trends from its other major Strip competitors MGM and Caesars
— Ryan Butler (@ButlerBets) August 6, 2024
Casino business
The Wynn Resorts brand is associated with a focus on high-end luxury casino resort experiences, and its global properties anchored its second-quarter record performance.
Wynn Palace, Wynn Macau, and the Las Vegas properties accounted for a $166 million total increase in revenue year-over-year, with Wynn Palace and Wynn Macau registering the highest share of revenue. All three segments also produced increases in adjusted property EBITDAR which helped fuel the second quarter record performance for the figure, combining for a $40.4 million spike.
Encore Boston Harbor was the only property to report a decrease in both revenue and adjusted property EBITDAR for the second quarter, with $9.2 million and $7 million less than Q2 2023, respectively.
Wynn Palace also saw the biggest year-over-year improvements in both revenue and in adjusted property EBITDAR, achieving a $79.7 million increase in revenue to $548 million and a $27.9 million bump in adjusted property EBITDAR to $184.5 million.
The company’s Board of Directors declared a cash dividend of $0.25 per share, payable on Aug. 30, to stockholders of record as of Aug. 19.
Going offline
“In light of continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
That’s what Wynn Resorts CFO Julie Cameron-Doe said in Aug. 2023 when the company announced its intention to radically scale back its WynnBet operations.
WynnBet wasn’t a great gamble for Wynn Resorts, which is why it’s been retracting from the online sports betting industry in the U.S. over the past year.
WynnBet exited the New York sports betting market earlier this month and has now retreated from 10 states. However, it continues to operate in Nevada and Michigan, with the latter operation falling under Caesars’ ownership following an acquisition.
