Wynn Resorts reported revenues of US$7.13bn for the fiscal year ending December 31, 2024, up from $6.53bn year-on-year.
For the quarter, however, revenues were flat at $1.84bn, roughly in line with 2023’s fourth quarter.
Net income attributable to Wynn for Q4 was $277m, compared to $729.2m year-on-year, although the Q4 2023 figure includes an income tax benefit of $474.2m related to the release of valuation allowance on certain deferred tax assets. For the year, net income attributable to Wynn was $501m, down from $730m year-on-year.
Adjusted Property EBITDA for the quarter was $619m, down from $630m year-on-year, though with that of Las Vegas operations alone being $267m, a record for those operations.
Adjusted Property EBITDA for the year was $2.36bn, up from $2.11bn year-on-year.
"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 $200m of our stock."
