Did Wynn Resorts beat or miss consensus estimates last quarter?

What does Wynn Resorts do and what are its main business segments?

What is the revenue and EPS growth rate for Wynn Resorts year over year?

What were the key takeaways from Wynn Resorts's earnings call?

What factors drove the changes in Wynn Resorts's revenue and profit?

What is the market's earnings forecast for Wynn Resorts next quarter?

What were the key takeaways from Wynn Resorts’s earnings call?

What guidance did Wynn Resorts's management provide for the next earnings period?

- **Revenue Growth**: Las Vegas casino up 11%, Macau GGR +15% YoY, UAE project on track for $5B+ GGR market. 
- **Profitability**: EBITDAR margins 32.8% (LV), 30.8% (Macau), 27.6% (Boston). Free cash flow supports $0.25/share dividend. 
- **Strategic Moves**: UAE expansion with Aman partnership, Macau renovations, and disciplined group pricing strategy. 
- **Future Outlook**: 2026 group growth, UAE free cash flow inflection, and Macau premium segment dominance.

**【CEO Summary Section】**
- **Las Vegas Performance**: Q3 revenue growth driven by 11% increase in casino revenue and flat hotel revenue. Notable market share gains in gaming, with EBITDA up 3% on a hold-adjusted basis. Q4 off to strong start with drop and handle up YoY, and group business pacing ahead in 2026. 
- **Macau Strength**: EBITDAR of $308M, benefiting from $23M VIP hold. Mass volumes up 15% YoY despite weather disruption. Ongoing renovations at Wynn Palace and Macau Tower to enhance premium offerings. 
- **UAE Expansion**: Wynn Al Marjan Island on track for 2026 opening. First development on adjacent land bank, Janu Al Marjan by Aman Group, with minimal equity required ($25M-$50M). UAE GGR market projected at $5B+ by analysts. 
- **Boston Harbor Stability**: Slot revenues up 5% YoY, EBITDAR of $58M. Tight cost control despite labor pressures. 

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $3.1B, EBITDAR $1.1B. Las Vegas EBITDAR margin 32.8%, Macau 30.8%, Boston 27.6%. Free cash flow generation supported recurring dividend ($0.25/share) and $125M Macau dividend. 
- **Liquidity**: Global cash and revolver availability $4.6B. Net leverage 4.3x, healthy for sustained capital returns. 
- **CapEx Update**: $164M spent in Q3, including renovations and UAE construction. Total UAE equity contribution to date $835M, with $525M-$625M remaining. 

**【Q&A Key Highlights】**
- **Las Vegas Group Momentum**: 2026 group business pacing ahead on rate and room nights. Q4 trends strong with F1 weekend rates up YoY. 
- **UAE Competition**: No announced competitors, creating upside to base case EBITDAR projections. 
- **Macau Dynamics**: Premium segment leading growth, with 15% YoY mass drop. Management focused on profitable reinvestment vs. margin targeting. 
- **Capital Allocation**: Flexible approach to buybacks, with potential free cash flow inflection in 2027 from UAE operations. 
- **Social Media Pricing Backlash**: No material impact on visitation; focus on perceived value over price sensitivity.

WYNN

WYNN fundamentals

You can ask Aime