The fourth quarter and full year financial figures of 2024 have been made public by Wynn Resorts, which showed a 9.1% increase in total operating revenue to $7.13 billion. In spite of this, the business’s net income fell by 31.4 percent, or little less than $501.1 million.
Expenses for operations increased by more than $300 million, which was a major factor in the drop in net income. Operating expenses for the year came to about $6 billion, according to Wynn Resorts. To reach $1.13 billion, operating income increased by 34.8%.
Results were better with adjusted numbers, as adjusted net income rose 43.5% to $663.5 million. EBITDAR for adjusted properties increased by 11.8% as well, reaching $2.36 billion.
Casino Segment Drives Revenue; Mixed Results Across Properties
Casinos remained Wynn Resorts’ top revenue source in 2024, generating nearly $4.3 billion—an increase of 14.6% year-over-year. The company’s room and food & beverage segments also grew, reporting revenues of $1.24 billion and $1.1 billion, respectively. However, its entertainment, retail, and other segments declined by 7.3%, reaching $555.4 million.
Among Wynn Resorts’ properties, Wynn Palace saw the highest year-over-year revenue growth at 17.5%, generating $2.2 billion. Wynn Macau followed with a 20.7% increase, reaching $1.4 billion. Las Vegas operations also grew, rising by 3.7% to $2.57 billion. In contrast, Encore Boston Harbor’s revenue dipped slightly, declining 1% to $857.2 million.
In Q4 2024, Wynn Resorts generated $1.84 billion in operating revenue, a slight $2 million dip from Q4 2023. Net income fell 62% year-over-year to just under $277 million, while adjusted net income rose 23.3% to $263.3 million. Adjusted property EBITDAR declined by 1.8%, totaling $619.1 million.
During Q4, Wynn Palace and Las Vegas operations saw revenue gains of 7.4% and 0.4%, respectively. Wynn Palace also posted the only EBITDAR increase, up 7.9% to $184.6 million. However, Wynn Macau’s revenue fell 5.8% to $363.7 million, and Encore Boston Harbor saw a 2.1% decline, generating $212.7 million.
Despite challenges, Wynn Resorts remains strong in key markets, with casino revenue driving performance and property expansions continuing to shape future growth.
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