Wynn Revenues Increase Slightly amid Q3 Losses

Wynn Resorts reported third-quarter revenue of $1.69 billion, a 1.3% increase of $21.4 million from $1.67 billion for the third quarter of 2023. The solid revenue worldwide allowed the company to narrow its net loss by 72% to $32.1 million.

While Wynn saw a 19.3% revenue increase in Macau, Las Vegas saw a small 1.9% dip. While non-gaming revenue was strong, Wynn saw lower casino revenue.

To boost its stock price, Wynn is planning to spend an additional $1 billion to buy back its shares from investors. When there are fewer shares available to the public, the price should, theoretically, increase.

Looking forward, Wynn expects another strong fourth quarter in Las Vegas in part because of the Las Vegas Grand Prix. The company is planning to renovate more Las Vegas hotel rooms next year.

The company is also moving rapidly with plans for its first casino in the United Arab Emirates (UAE). Last month, Wynn was the first operator to receive a gaming license in the UAE. Construction on Wynn Al Marjan Island is advancing and should be open by 2027.

Quick Spins:

• Companywide revenue was up slightly in the third quarter
• Las Vegas casino revenue is off by more than 10%
• Hotel room renovations planned for Las Vegas
• The Al Marjan Island project in UAE is moving forward

Wynn Resorts Las Vegas Earnings Update

Las Vegas is still the strongest segment for Wynn Resorts. However, revenue in Las Vegas fell during the quarter.

Wynn reported total revenue in Las Vegas of $607.2 million for the third quarter, a decrease of $11.8 million from $619.0 million from last year. Similar to earnings reports from and MGM Resorts, Wynn saw softness from its casino.

Overall, Wynn’s third-quarter casino revenue for Wynn was down 11% from $168 million to $145. While table games saw the largest dip, slot machine win and poker rake were also down.

Table game win was $157 million, down 14.8% from last year. Slot machine win was down 2.6% and poker rake was 18.3% lower than last year.

Wynn didn’t point to a specific number of players or games where the table game losses came from. However, table game revenue might get off to a slow start this quarter with a quick upgrade to its high-limit baccarat room.

The average daily hotel room rate at Wynn was $495 during the quarter. Occupancy during this time was 89%. The 6.9% increase in the rate helped boost hotel room revenue to $187 million.

Retail and entertainment saw a big boost this quarter. Combined, this segment was up 20% to $83 million. In addition to ample music and comedy residencies, numerous on-site events, and its revamped stage show “Awakening” are bringing more visitors to Wynn.

Wynn CEO Craig Billings said the fourth quarter is shaping up strong despite a later booking widow for the Las Vegas Grand Prix. Unlike its competitors on the Vegas Strip, Wynn is sensing a strong performance from the F1 race. Billings noted that Wynn’s rates are stronger than other Vegas Strip properties.

Encore Room Renovations in 2025

Wynn typically has some of the highest average daily room rates on the Vegas Strip. The rates could continue to increase.

Brian Gullbrants, Chief Operating Officer for Wynn’s North American operations, said the company will renovate the hotel rooms in the Encore Tower.

While the hotel tower has 2,034 rooms, the company expects to lose revenue from 50,000 room nights from rooms being offline during construction.

Wynn debuted renovated rooms in its main hotel tower in 2022. Encore Tower hotel rooms were last renovated in 2015. When completed, it’s possible Wynn’s already expensive rooms could fetch even more money.

Gullbrants didn’t share a timeline for the Encore renovations.

(Image: courtesy of Wynn Resorts)