Wynn Resorts Q2 2024 10-Q Filed

TL;DR

Wynn Resorts 10-Q is in: Q2 2024 financials are here, check casino & hotel ops.

AI Summary

Wynn Resorts Ltd. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing revenues and expenses across its various segments, including casino operations, hotel occupancy, and food and beverage services. Specific financial figures and operational metrics for these periods are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Wynn Resorts, crucial for understanding the company's operational health and future prospects in the gaming and hospitality industry.

Risk Assessment

Risk Level: medium — 10-Q filings are routine financial reports, but the specific details within can reveal significant financial health indicators or operational challenges.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter financial results)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (First half of the fiscal year financial results)

Key Players & Entities

• Wynn Resorts Ltd. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 WYNN Nasdaq Global Select Market Indi

Filing Documents

• wynn-20240630.htm (10-Q) — 2002KB
• ex311-ceoscertificationxq2.htm (EX-31.1) — 10KB
• ex312-cfoscertificationxq2.htm (EX-31.2) — 10KB
• ex32ceoandcfocertification.htm (EX-32) — 9KB
• 0001174922-24-000094.txt ( ) — 8290KB
• wynn-20240630.xsd (EX-101.SCH) — 50KB
• wynn-20240630_cal.xml (EX-101.CAL) — 74KB
• wynn-20240630_def.xml (EX-101.DEF) — 232KB
• wynn-20240630_lab.xml (EX-101.LAB) — 627KB
• wynn-20240630_pre.xml (EX-101.PRE) — 447KB
• wynn-20240630_htm.xml (XML) — 1226KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets - June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Income (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Deficit (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months Ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 46

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Default Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48 Signature 49 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,379,415 $ 2,879,186 Restricted cash — 18 Investments 500,000 845,192 Accounts receivable, net of allowance for credit losses of $ 39,491 and $ 40,075 , respectively 317,643 341,712 Inventories 72,152 75,552 Prepaid expenses and other 103,303 99,961 Total current assets 3,372,513 4,241,621 Property and equipment, net 6,492,579 6,688,479 Restricted cash 90,629 90,208 Goodwill and intangible assets, net 310,694 329,708 Operating lease assets 1,812,438 1,832,896 Deferred income taxes, net 478,570 500,877 Other assets 732,375 312,434 Total assets $ 13,289,798 $ 13,996,223 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts and construction payables $ 200,652 $ 208,263 Customer deposits 488,567 543,288 Gaming taxes payable 151,295 172,832 Accrued compensation and benefits 178,517 212,645 Accrued interest 138,808 141,902 Current portion of long-term debt 1,291,295 709,593 Other accrued liabilities 151,892 211,931 Total current liabilities 2,601,026 2,200,454 Long-term debt 9,739,417 11,028,744 Long-term operating lease liabilities 1,616,898 1,631,749 Other long-term liabilities 234,419 236,210 Total liabilities 14,191,760 15,097,157 Commitments and contingencies (Note 15) Stockholders' deficit: Preferred stock, par value $ 0.01 ; 40,000,000 shares authorized; zero shares issued and outstanding — — Common stock, par value $ 0.01 ; 400,000,000 shares authorized; 133,511,209 and 132,998,916 shares issued; 111,375,062 and 111,737,245 shares outstanding, respectively 1,335 1,330 Treasury stock, at cost; 22,136,147 and 21,261,671 shares, respectively ( 1,918,595 ) ( 1,836,326 ) Additional paid-in capital 3,672,049 3,647,161 Accumulated other comprehensive income 2,213 3,406 Accumul

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View this 10-Q filing on SEC EDGAR