Wynn Resorts Achieves Record EBITDAR in First Quarter 2024
2024-05-08
The Wynn Resorts First Quarter Earnings Call offered a comprehensive overview of the company's performance and outlook for the future. Key figures present during the call included Julie Cameron-Doe, Craig Billings, Brian Gullbrants, Linda Chen, Frederic Luvisutto, and Jenny Holaday, who engaged in discussions covering various aspects of the business.
In the first quarter of 2024, Wynn Resorts achieved significant milestones, notably reaching an all-time record property EBITDAR of $647 million. Wynn Las Vegas specifically stood out with exceptional performance, generating $246 million in adjusted property EBITDAR, marking a first-quarter record and a 6% year-on-year increase. Factors contributing to this success included major events like the Super Bowl and Chinese New Year, which drove record EBITDAR in February, along with robust growth in nongaming revenue.
Across Macau, the company reported an EBITDAR of $340 million, surpassing previous periods and demonstrating growth in both the casino and nongaming sectors. Ongoing development projects in Macau, such as a destination food hall and other concession-related commitments, underscored the company's strategic expansion initiatives.
The call emphasized the company's disciplined management of operating expenses, focus on revenue mix, and strong EBITDA margins. Discussions also touched on topics like pricing power, market positioning, and future development opportunities in key locations such as New York, Thailand, and the UAE, providing insights into Wynn Resorts' growth strategy.
Looking forward, the company expressed its intention to strike a balance between occupancy and rates in Las Vegas to drive revenue while upholding a superior guest experience. With a robust development pipeline and a focus on enhancing EBITDAR and free cash flow, Wynn Resorts conveyed optimism about its future prospects and reiterated its commitment to keeping investors informed through regular updates and engagement.