Q4 2024 Wynn Resorts Ltd Earnings Call Transcript
Key Points
- Wynn Resorts Ltd (WYNN) achieved another record year of adjusted property EBITDAR, with significant growth in Las Vegas.
- The company is developing an exciting project in the UAE, expected to produce meaningful EBITDA and diversify business operations.
- Wynn Resorts Ltd (WYNN) repurchased $200 million of stock in Q4 and another $150 million in Q1, reflecting confidence in the company's valuation.
- Strong demand in Las Vegas with a 13% increase in slot handle and growth in gaming market share.
- Encore Boston Harbor set a new all-time property record for slot revenue, demonstrating strong performance in the slot business.
- EBITDA during the F1 event in 2024 was $20 million lower than in 2023 due to a decline in RevPAR.
- The absence of the Super Bowl in Las Vegas in 2025 is expected to create a $25 million EBITDA headwind for Q1.
- Macau's EBITDA was down about 1% year-over-year, indicating challenges in maintaining growth in that market.
- Union-related payroll increases in Boston impacted overall cost structure, although mitigated by cost efficiencies.
- Higher-than-normal table game hold positively impacted EBITDA, suggesting reliance on favorable gaming conditions.
Welcome to the Wynn Resorts fourth-quarter 2024 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 and Frederic Luvisutto. Please note that we published a presentation to provide more color on the company and recent performance ahead of this call, you can find the presentation on our Investor Relations website. This will become a regular fixture along with our earnings release going forward.
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.
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