Wynn Resorts Q1 Earnings & Revenues Miss Estimates, Decline Y/Y

Wynn Resorts, Limited WYNN reported first-quarter 2025 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and bottom lines declined on a year-over-year basis.Management highlighted potential tariff-related pressures on operations. While the direct impact on operating expenses is expected to be minimal, mainly affecting the U.S. food and beverage segment, the company is actively pursuing alternative sourcing solutions. Additionally, the company acknowledged the broader economic uncertainty posed by tariffs and their potential to dampen consumer demand. However, the company noted that its affluent clientele provides a degree of resilience against these macroeconomic headwinds.WYNN’s Q1 Earnings & RevenuesThe company reported adjusted earnings per share (EPS) of $1.07, missing the Zacks Consensus Estimate of $1.22 by 12.3%. In the prior-year quarter, the company reported an adjusted EPS of $1.59. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Wynn Resorts, Limited Price, Consensus and EPS Surprise Wynn Resorts, Limited price-consensus-eps-surprise-chart | Wynn Resorts, Limited QuoteQuarterly operating revenues of $1.7 billion missed the consensus mark of $1.73 billion by 1.5%. The top line fell 8.7% on a year-over-year basis.Wynn Palace OperationsDuring the first quarter, Wynn Palace’s operating revenues came in at $535.9 million compared with $586.9 million reported in the prior-year quarter. Our model predicted segmental revenues to be $530.4 million.Casino revenues declined 6.2% year over year to $444.5 million. Rooms and entertainment, retail and other revenues decreased 32.1% and 14.9% year over year to $36.6 million and $23.1 million, respectively. Food and beverage revenues fell 1% year over year to $31.7 million.In the VIP segment, table games turnover was $4 billion, up 2.1% year over year. VIP table games win rate (based on turnover) was 2.61% compared with 3.3% in the prior-year quarter. Table drop in the mass market segment was $1.7 billion compared with $1.78 billion in the prior-year quarter. Table game wins in mass market operations amounted to $422.4 million compared with $437.3 million in the prior-year quarter.During the quarter, revenue per available room (RevPAR) declined 34.5% year over year to $218. Occupancy levels in the segment were 98.3% compared with 98.8% in the prior-year quarter. The average daily rate (ADR) was $222, down 34.1% on a year-over-year basis.Wynn Macau OperationsWynn Macau’s operating revenues amounted to $329.9 million compared with $411.7 million reported in the prior-year quarter. Our model predicted segmental revenues to be $385.6 million.Casino revenues were $275.6 million, down 20.4% year over year. On a year-over-year basis, revenues from rooms declined 18.6% to $23.3 million, while revenues from food and beverage fell 10.6% to $18.8 million. Entertainment, retail and other revenues declined 21.8% year over year to $12.3 million.Table games turnover in the VIP segment declined 9.6% year over year to $1.44 billion. The VIP table games win rate (based on turnover) was 1.1%, compared with 3.4% reported in the prior-year quarter.Table drop in the mass market segment was $1.54 billion compared with $1.68 billion reported in the prior-year quarter. Table games win in the mass market category was $288.5 million compared with $326.3 million in the prior-year quarter.During the quarter, RevPAR declined 17.7% year over year to $232. Occupancy levels in the segment were 99.1% compared with 99.4% in the prior-year quarter. ADR was $234, down 17.6% year over year.Las Vegas OperationsOperating revenues from Las Vegas operations were $625.3 million compared with $636.5 million reported in the prior-year quarter. Our projection for the metric was $633.3 million.Casino revenues increased 19.1% year over year to $161 million. Revenues from food and beverage plunged 7.3% year over year to $179.4 million. Revenues from rooms declined 12.6% year over year to $195.9 million, while revenues from entertainment, retail and other increased 6.3% year over year to $89 million.Table drop declined 1.9% year over year to $592.5 million. Table game wins decreased 8% year over year to $144.1 million. Table games win percentage of 24.3%, down from 25.9% reported in the prior-year quarter.RevPAR fell 12% year over year to $461. The occupancy rate was 87.4%, down from 88% in the prior-year period. ADR was $527, down 11.4% year over year.Encore Boston HarborOperating revenues from Encore Boston Harbor operations amounted to $209.2 million compared with $217.8 million in the prior-year quarter. Our projection for the metric was $190.3 million.Casino revenues fell 4.1% to $159.4 million. Revenues from rooms and food and beverage declined 9.8% and 1.6% year over year to $18.7 million and $19.9 million, respectively. Entertainment, retail and other revenues increased 5.7% year over year to $11.2 million.During the quarter, the table games win percentage of 20.5% was down from the 22.6% reported in the prior-year quarter.RevPAR declined 7.9% year over year to $315. The occupancy rate was 88.1%, down from 89.7% in the prior-year quarter. ADR was $357, down 6.3% year over year.Operating Performance of Wynn ResortsDuring the first quarter, adjusted property EBITDAR was $532.9 million compared with $646.5 million reported in the prior-year quarter.Adjusted property EBITDAR from total Macau operations totaled $252.1 million compared with $339.6 million in the prior-year quarter. Adjusted property EBITDAR from Las Vegas operations was $223.4 million compared with $246.3 million in the year-ago quarter. Adjusted property EBITDAR from Encore Boston Harbor was $57.5 million compared with $63.1 million reported in the prior-year quarter.Cash Position of WYNNAs of March 31, 2025 , Wynn Resorts’ cash and cash equivalents totaled $2.07 billion compared with $2.43 billion in the previous quarter.Total current and long-term outstanding debt at the end of the fourth quarter amounted to $10.55 billion. The figure included $874.8 million of Wynn Las Vegas-related debt, $5.8 billion of Macau debt, $3.28 billion of Wynn Resorts Finance debt and $597.6 million of debt held by the retail joint venture, which the company consolidated.WYNN’s Zacks RankWynn Resorts currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Consumer Discretionary ReleasesNorwegian Cruise Line Holdings Ltd. NCLH reported first-quarter 2025 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines decreased on a year-over-year basis.Results in the quarter were hurt by a 2% decline in Capacity Days, stemming from a higher number of Berths out of service due to larger ships undergoing dry-dock, as well as a strategic move to reduce passenger air participation rates. For 2025, Norwegian Cruise anticipates occupancy to be approximately 102.5% compared with the prior guidance of 103.4% and Capacity Days to be about 24.545 million.MGM Resorts International MGM reported first-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom lines declined from the prior-year quarter’s level.Management remains optimistic about the outlook for the rest of 2025, supported by strong forward bookings and expectations for record hotel performance in April on the Las Vegas Strip. MGM Resorts stated progress on the $200 million EBITDA enhancement plan and expects more than $150 million to be realized in 2025.Caesars Entertainment, Inc. CZR reported mixed first-quarter 2025 results, with earnings missing the Zacks Consensus Estimate and revenues surpassing the same. Nonetheless, both the top and bottom lines improved on a year-over-year basis.Caesars Entertainment’s first-quarter performance was driven by record results in the Digital segment. Growth in the regional segment, supported by recently opened properties, and solid performance in Las Vegas, despite a tough comparison to last year’s Super Bowl period, also aided the quarter’s performance.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wynn Resorts, Limited (WYNN): Free Stock Analysis Report MGM Resorts International (MGM): Free Stock Analysis Report Caesars Entertainment, Inc. (CZR): Free Stock Analysis Report Norwegian Cruise Line Holdings Ltd. (NCLH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks