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01/11 03:36
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary indicates strong future prospects with accelerated booking pace, promising development projects, and a focus on high-end customers. The Q&A section reveals a stable competitive environment and a bullish outlook on Macau. While management was vague on some future plans, the overall sentiment is positive, supported by optimistic guidance and strategic plans for growth.
EBITDA growth at Wynn Las Vegas 3% to $211 million year-over-year. This growth was driven by notable gaming market share gains, healthy casino demand, and solid increases in both drop and handle.
Casino revenues at Wynn Las Vegas Up 10% year-over-year. This increase was attributed to healthy demand and solid increases in drop and handle.
Hotel revenue at Wynn Las Vegas Flat at $187 million year-over-year. The flat performance was due to a strategy of accepting slightly lower occupancy to preserve ADR and maximize EBITDA.
EBITDAR at Encore Boston Harbor $58 million. Slot revenues grew over 5% year-over-year, and operational expenses were tightly controlled.
Adjusted property EBITDAR at Wynn Las Vegas $203.4 million on $621 million of operating revenue, with an EBITDAR margin of 32.8%. Unfavorable hold negatively impacted EBITDA by just under $8 million.
Adjusted property EBITDAR at Encore Boston Harbor $58.4 million on revenue of $211.8 million, with an EBITDAR margin of 27.6%. Slot revenues were up 5% year-over-year, setting a new record for Boston. Operational expenses per day increased by 1.9% due to labor cost pressures.
Adjusted property EBITDAR at Macau operations $308.3 million on $1 billion of operating revenue, with an EBITDAR margin of 30.8%. Higher-than-normal VIP hold positively impacted EBITDA by $23 million. Operational expenses per day increased by 7.6% year-over-year, driven by Gourmet Pavilion costs, cost of living expenses, higher business volumes, and $2.5 million of typhoon-related expenses.
Liquidity position $4.6 billion as of September 30, 2025, comprising $2.8 billion in Macau and $1.7 billion in the U.S. The consolidated net leverage ratio was just over 4.3x.
Dividends paid by Wynn Macau Approximately $125 million in Q3 2025, following a similar amount in Q2 2025.
Capital expenditures (CapEx) $164 million in Q3 2025, primarily for Fairway Villa renovations, food and beverage enhancements in Las Vegas, concession-related CapEx in Macau, and normal maintenance. An additional $93.9 million was contributed to the Wynn Al Marjan Island project.
Wynn Las Vegas Renovation: Completion of the c3 renovation by the end of the quarter and the opening of Zero Bond.
Macau Projects: Expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of Wynn Tower rooms at Wynn Macau, expected to complete by Chinese New Year.
Wynn Al Marjan Island: Progressing rapidly with the tower expected to top out ahead of the December analyst event. New development announced for Janu Al Marjan Island by Aman Group.
Las Vegas Market Share: Notable gaming market share gains with casino revenues up 10% and strong RevPAR growth.
Macau Market Growth: Sustained double-digit growth in GGR and strong mass volumes, up 15% year-on-year.
UAE Market Opportunity: Wynn Al Marjan Island positioned as the only integrated resort in a predicted $5 billion-plus GGR market.
Las Vegas EBITDAR: Generated $203.4 million in adjusted property EBITDAR with a margin of 32.8%.
Boston EBITDAR: Generated $58.4 million in adjusted property EBITDAR with a margin of 27.6%.
Macau EBITDAR: Generated $308.3 million in adjusted property EBITDAR with a margin of 30.8%.
UAE Expansion: Announcement of Janu Al Marjan Island development in partnership with Aman Group, leveraging the Marjan land bank for long-term opportunities.
Capital Allocation: Continued return of capital to shareholders with $125 million in dividends paid by Wynn Macau in Q3 and a $0.25 per share dividend approved by Wynn Resorts.
Las Vegas Room Renovation Impact: The Encore Tower remodel in Las Vegas will result in a loss of approximately 80,000 room nights in 2026, creating a slight headwind for revenue during that period.
Macroeconomic and Geopolitical Uncertainty: The company acknowledges that macroeconomic and geopolitical uncertainty could impact its business outlook in Las Vegas.
Macau Typhoon-Related Costs: Macau operations incurred approximately $2.5 million in typhoon-related operational expenses during the quarter, highlighting vulnerability to weather disruptions.
Labor Cost Pressures in Boston: Continued labor cost pressures in Boston, including union-related payroll increases, pose challenges to maintaining operational efficiency.
Macau Operational Costs: Macau operations saw a 7.6% year-on-year increase in operational expenses, driven by the Gourmet Pavilion and cost of living adjustments, which could pressure margins.
CapEx and Development Costs: Significant capital expenditures, including $200-$250 million in Macau and $525-$625 million for the Wynn Al Marjan Island project, could strain financial resources if not managed effectively.
Las Vegas Group and Convention Business: The group and convention business is expected to grow in both room nights and rate over 2025, despite a slight headwind in 2026 due to the Encore Tower remodel, which will result in a loss of about 80,000 room nights.
Macau Market Outlook: Sustained double-digit market-wide growth in GGR is expected, with optimism about the future of Macau. The premium segment continues to lead the market, and ongoing projects like the Chairman's Club expansion and Wynn Tower room renovations are expected to elevate offerings.
Wynn Al Marjan Island Development: The project is progressing rapidly, with the tower expected to top out ahead of the analyst event in December. The opening is on track, and the development is anticipated to be the only integrated resort in a predicted $5 billion-plus GGR market. Additional long-term development opportunities exist in the UAE.
Capital Expenditures in Macau: CapEx for 2025 is expected to be $200 million to $250 million, including projects like the Chairman's Club expansion and Wynn Tower room renovations.
Free Cash Flow and Liquidity: The opening of Wynn Al Marjan Island is expected to bring a free cash flow inflection, supporting confidence in future growth.
Dividend payout in Q3: Wynn Macau paid out approximately $125 million in dividends in Q3 after paying a similar amount in Q2.
Quarterly cash dividend: The Wynn Resorts Board has approved a quarterly cash dividend of $0.25 per share payable on November 26, 2025, to stockholders of record as of November 17.
The earnings call summary indicates strong future prospects with accelerated booking pace, promising development projects, and a focus on high-end customers. The Q&A section reveals a stable competitive environment and a bullish outlook on Macau. While management was vague on some future plans, the overall sentiment is positive, supported by optimistic guidance and strategic plans for growth.
The earnings call highlights strong financial performance in Las Vegas and Macau, with increasing revenues and stable margins despite some VIP hold issues. The company shows commitment to shareholder returns via buybacks and dividend increases. Optimistic outlooks for Las Vegas and promising developments in the UAE project further boost sentiment. However, management's reluctance to provide forward guidance for Macau introduces some uncertainty, slightly tempering the overall positive sentiment. Given the positive financial metrics, strategic developments, and shareholder returns, a positive stock price movement is anticipated.
The earnings call presents a mixed sentiment. Financial performance is solid with strong EBITDA and increased dividends, but competitive pressures in Macau and regulatory challenges pose risks. The positive impact of share repurchases and dividend hikes is offset by CapEx delays and labor cost pressures. The Q&A session reveals management's uncertainty regarding CapEx timelines and competitive challenges in Macau. The sentiment is neutral as positive financial metrics are balanced by operational challenges and uncertainties.
The earnings call presents a positive outlook with a record high revenue in Las Vegas and increased dividends, indicating strong financial health. The UAE project and digital tables rollout promise future growth. Despite some labor cost pressures and regulatory delays in Macau, the overall sentiment is positive, bolstered by substantial share repurchases and optimistic guidance. The Q&A session suggests stable competition in Macau and a positive outlook for summer bookings, further supporting a positive stock price reaction.
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