Wynn Resorts, Limited (NASDAQ:WYNN) Q1 2024 Earnings Call Transcript May 7, 2024
Wynn Resorts, Limited beats earnings expectations. Reported EPS is $1.94, expectations were $1.43. Wynn Resorts, Limited isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Welcome to the Wynn Resorts First Quarter Earnings Call. All participants are in a listen-only mode, until the question-and-answer session of today’s conference. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.
Julie Cameron-Doe: Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto, and Jenny Holaday. I want to remind you that we may make forward-looking statements under Safe Harbor Federal Securities Laws, and those statements may or may not come true. I will now turn the call over to Craig Billings.
Craig Billings: Thanks, Julie, and afternoon, everyone. As always, thanks for joining us today. The momentum that we generated in the business throughout 2023 continued into 2024, as we delivered all-time record property EBITDAR of $647 million during the first quarter of 2024. I’m incredibly proud of all of our team members who remain so focused on delivering 5 star service and one of the kind experiences to our guests, a heartfelt thank you to each of you. Turning to the quarter and starting here in Vegas. Wynn Las Vegas delivered $246 million of adjusted property EBITDAR, a first quarter record and up 6% year-on-year on a very difficult comp. As we noted on our last call, most of the action in the quarter was concentrated in February, as the combination of Super Bowl and Chinese New Year drove all-time record EBITDA during the month.
Quarter was characterized by strong performance across our non-gaming businesses with revenue growing 16% year-on-year, led by 21% growth in hotel revenue, along with healthy volumes in the casino. Through our unique combination of the best service levels in the market, continuous reinvestment in our property, and our Only at Wynn programming, we continue to fire on all cylinders here in Las Vegas. More recently, our top-line trends remained healthy in April with Drop, Handle, and RevPAR all up year-over-year on yet another difficult comp. Turning to Boston. Encore generated $63 million of EBITDAR during the quarter. The team in Boston successfully navigated a confluence of poor weather in January and inflationary pressures during the quarter as EBITDAR and revenue at the property were largely stable year-on-year.
There were encouraging pockets of strength in the quarter with record slot handle and strong year-on-year growth in hotel revenue. More recently, demand has remained healthy through April with particular strength in slot handle and RevPAR. On the development across from Encore Boston Harbor, we have put this development on hold for the time being, as we have been unable to reach an agreement with local authorities on certain financial terms. Though it’s disappointing, we have numerous other development projects globally where we can redirect the capital we intended to deploy in Boston. Turning to Macau. We generated $340 million of EBITDAR in the quarter on GGR market share that was above both the prior quarter and above our 2019 exit rate.
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