Wynn Resorts Q3 Revenue Rises to $1.7B

TL;DR

Wynn Resorts Q3 revenue up to $1.7B, casino biz strong.

AI Summary

Wynn Resorts Ltd. reported its Q3 2024 results, with total operating revenues reaching $1.70 billion for the three months ended September 30, 2024. This represents an increase from $1.65 billion in the same period of 2023. The company's casino operations saw revenues of $1.05 billion in Q3 2024, up from $1.02 billion in Q3 2023.

Why It Matters

The slight increase in revenue suggests continued demand for Wynn's casino and hospitality services, which could positively impact investor confidence.

Risk Assessment

Risk Level: medium — The company operates in the highly cyclical and competitive casino and hospitality industry, which is subject to economic downturns and regulatory changes.

Key Numbers

• $1.70B — Total Operating Revenues (Q3 2024) (Represents an increase from the prior year's quarter.)
• $1.05B — Casino Revenues (Q3 2024) (Shows continued strength in core gaming operations.)
• $1.65B — Total Operating Revenues (Q3 2023) (Prior year comparison for revenue growth.)
• $1.02B — Casino Revenues (Q3 2023) (Prior year comparison for gaming performance.)

Key Players & Entities

• Wynn Resorts Ltd. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• $1.70 billion (dollar_amount) — Total operating revenues for Q3 2024
• $1.65 billion (dollar_amount) — Total operating revenues for Q3 2023
• $1.05 billion (dollar_amount) — Casino operations revenue for Q3 2024
• $1.02 billion (dollar_amount) — Casino operations revenue for Q3 2023

FAQ

Key Financial Figures

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

Filing Documents

• wynn-20240930.htm (10-Q) — 2051KB
• ex311-ceoscertificationxq3.htm (EX-31.1) — 10KB
• ex312-cfoscertificationxq3.htm (EX-31.2) — 10KB
• ex32ceoandcfocertification.htm (EX-32) — 9KB
• 0001174922-24-000160.txt ( ) — 8698KB
• wynn-20240930.xsd (EX-101.SCH) — 53KB
• wynn-20240930_cal.xml (EX-101.CAL) — 76KB
• wynn-20240930_def.xml (EX-101.DEF) — 270KB
• wynn-20240930_lab.xml (EX-101.LAB) — 661KB
• wynn-20240930_pre.xml (EX-101.PRE) — 485KB
• wynn-20240930_htm.xml (XML) — 1259KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets - Septem ber 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) - Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Deficit (unaudited) - Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) - Nine Months Ended Se ptember 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 48

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Default Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50 Signature 51 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,407,289 $ 2,879,186 Restricted cash 1,205,930 18 Investments — 845,192 Accounts receivable, net of allowance for credit losses of $ 39,186 and $ 40,075 , respectively 388,858 341,712 Inventories 75,479 75,552 Prepaid expenses and other 113,117 99,961 Total current assets 4,190,673 4,241,621 Property and equipment, net 6,517,830 6,688,479 Restricted cash 95,494 90,208 Goodwill and intangible assets, net 280,386 329,708 Operating lease assets 1,803,441 1,832,896 Deferred income taxes, net 463,098 500,877 Other assets 760,477 312,434 Total assets $ 14,111,399 $ 13,996,223 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts and construction payables $ 212,989 $ 208,263 Customer deposits 538,136 543,288 Gaming taxes payable 157,134 172,832 Accrued compensation and benefits 185,210 212,645 Accrued interest 124,325 141,902 Current portion of long-term debt 1,239,054 709,593 Other accrued liabilities 286,457 211,931 Total current liabilities 2,743,305 2,200,454 Long-term debt 10,547,508 11,028,744 Long-term operating lease liabilities 1,620,415 1,631,749 Other long-term liabilities 265,649 236,210 Total liabilities 15,176,877 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; 133,532,047 and 132,998,916 shares issued; 109,922,076 and 111,737,245 shares outstanding, respectively 1,335 1,330 Treasury stock, at cost; 23,609,971 and 21,261,671 shares, respectively ( 2,037,046 ) ( 1,836,326 ) Additional paid-in capital 3,685,242 3,647,161 Accumulated other comprehensive income (loss) ( 4,4

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