Wynn Q3 Net Income Falls 80% to $17.3M as Las Vegas and Macau Gaming Volumes Slip
WYNN is trading near its 52-week low of $70.79 (10% above the low).
Summary
Wynn's Q3 revenue fell 7.9% to $1.69 billion and net income dropped 80% to $17.3 million on weaker gaming volumes at every property, though nine-month earnings remain up 22.2%.
Key Events · Earnings and Guidance · WYNN
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Q3 Revenue Down 7.9%
Operating revenues fell to $1.69 billion from $1.83 billion, with casino revenue down 10.6% to $1.05 billion on lower gaming volumes across all properties.
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Net Income Drops 80%
Net income attributable to Wynn was $17.3 million, or $0.17 per diluted share, versus $88.3 million and $0.85 a year earlier; operating income fell $132.3 million to $178.2 million.
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Las Vegas and Macau EBITDAR Slide
Adjusted Property EBITDAR fell to $464.2 million from $570.1 million; Las Vegas dropped $44.6 million on a 23.6% casino revenue decline, and Wynn Palace and Wynn Macau fell $34.5 million and $18.5 million respectively.
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Nine-Month Earnings Still Ahead
For the nine months, revenue rose 2.5% to $5.40 billion and net income attributable to Wynn rose 22.2% to $277.8 million, or $2.58 per diluted share.
Analysis · WYNN · Real Estate & Construction
Weakness was broad-based this quarter: revenue fell 7.9% to $1.69 billion and operating income dropped $132.3 million to $178.2 million, leaving net income attributable to Wynn at $17.3 million, or $0.17 per diluted share, versus $88.3 million a year ago. Las Vegas accounted for the biggest swing, with casino revenue down 23.6% as table win percentage fell to 18.9% from 23.0%, while Encore Boston Harbor's Adjusted Property EBITDAR was hurt by the ongoing labor dispute. The nine-month picture remains ahead of last year — net income of $277.8 million, up 22.2% — so the question is whether Q3 is a soft quarter or the start of a Macau and Las Vegas demand slowdown. Liquidity is not the issue: $1.64 billion of cash plus $2.38 billion of revolver capacity, and the September refinancing pushed the 2027 maturity wall out to 2035 at 6.875%.
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At the time of this filing, WYNN was trading at $78.10 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $8.2B. The 52-week trading range was $70.79 to $134.72. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.