Q1 2024 Wynn Resorts Ltd Earnings Call Transcript
Key Points
- Wynn Resorts Ltd (WYNN) reported all-time record property EBITDAR of $647 million in Q1 2024, demonstrating strong business momentum.
- Wynn Las Vegas achieved a first quarter record with $246 million of adjusted property EBITDAR, up 6% year-on-year.
- Encore Boston showed resilience with $63 million of EBITDAR despite poor weather and inflationary pressures, with record slot handle and strong hotel revenue growth.
- In Macau, Wynn Resorts Ltd (WYNN) generated $340 million of EBITDAR, with mass drop per day in April increasing 30% versus April 2019.
- The construction of Wynn Al Marjan in the UAE is progressing well, with significant advances expected to be reported later in the year.
- Development across from Encore Boston Harbor has been put on hold due to failure to reach an agreement with local authorities on financial terms.
- The competitive landscape in Macau remains intense, requiring continuous innovation and investment to maintain market share.
- Operational expenses in Macau, although well managed, showed a sequential increase of 3%, indicating potential pressure on margins if not offset by revenue growth.
- The regulatory and licensing structures in potential new markets like Thailand are still unclear, posing risks to future expansion plans.
- While the company is exploring development opportunities in New York City and potentially Thailand, these are subject to regulatory approvals and market conditions that could affect their viability.
Welcome to the Wynn Resorts First Quarter Earnings Call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.
I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.
Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto and Jenny Holaday.
I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.
I will now turn the call over to Craig Billings.
Thanks, Julie. Good afternoon, everyone, as always. Thanks for joining us today.
The momentum that we generated in the business throughout 2023 continued into 2024 as we delivered all
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