In This Story
Wynn Resorts Limited (WYNN-3.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports operating revenues of $7.13 billion, a 9.1% increase from the previous year. This increase was primarily driven by higher gaming volumes at the company's Macau Operations and improved ADR and entertainment venue sales at its Las Vegas Operations.
Net income attributable to Wynn Resorts Limited was $501.1 million, down from $730.0 million in the previous year. The decrease was largely due to a reduction in the benefit from income taxes.
Wynn Palace and Wynn Macau, the company's Macau Operations, reported revenue increases of $330.8 million and $251.1 million, respectively. These increases were attributed to growing tourism in Macau.
Las Vegas Operations reported a revenue increase of $91.3 million, driven by higher ADR and entertainment venue sales.
Encore Boston Harbor's revenues decreased by $8.6 million, primarily due to a slight decrease in gaming volumes.
The company reported a decrease in interest expense of $63.1 million, attributed to a lower average debt balance.
Wynn Resorts continues to focus on enhancing its properties, with estimated project capital expenditures of between $250 million and $300 million for its Macau Operations in 2025.
The company also announced a cash dividend of $0.25 per share, payable on March 5, 2025, to stockholders of record as of February 24, 2025.
Wynn Resorts is involved in ongoing legal proceedings, including a non-prosecution agreement with the U.S. Attorney's Office, which resulted in a $130 million forfeiture related to transactions at Wynn Las Vegas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wynn Resorts Limited annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.