Wynn Resorts 10-K Report Highlights 31.4% Net Income Decrease

By Tamara Parker • Friday, February 14 06:14 • Permanent Link

Wynn Resorts, Limited recently released its 10-K report, outlining its operations and financial performance. The company is a designer, developer, and operator of integrated resorts, including luxury hotel rooms, high-end retail space, dining and entertainment options, meeting and convention facilities, and gaming. Wynn Resorts operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The company was incorporated in 2002 and is based in Las Vegas, Nevada.

In the 10-K report, the Management's Discussion and Analysis of Financial Condition and Results of Operations provides insights into the company's performance. Wynn Resorts reported an increase in operating revenues from $6,531,897 in 2023 to $7,127,961 in 2024, representing a 9.1% increase. However, the net income attributable to Wynn Resorts, Limited decreased from $729,994 in 2023 to $501,078 in 2024, marking a 31.4% decrease.

The operating revenues for Wynn Resorts' segments showed mixed results. Wynn Palace experienced a revenue increase of $330.8 million, Wynn Macau increased by $251.1 million, and Las Vegas Operations saw a $91.3 million increase. However, Encore Boston Harbor experienced a decrease of $8,622 in operating revenues.

Casino revenues for Wynn Resorts increased by $542.955 million, representing a 14.6% growth. Non-casino revenues also showed growth, with room revenues increasing by $56.387 million, food and beverage revenues increasing by $40.480 million, and entertainment, retail, and other revenues decreasing by $43.758 million.

Wynn Resorts' operating expenses increased by $303.504 million, primarily due to increased operating costs associated with higher business volumes at its properties. The company's casino expenses increased by $194.4 million at Wynn Palace and $133.4 million at Wynn Macau, mainly driven by higher operating costs and incremental gaming tax expenses.

Today the company's shares have moved 2.7% to a price of $80.47. For more information, read the company's full 10-K submission here.

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