We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wynn Resorts (WYNN) Q4 Earnings Miss Estimates, Revenues Top
Read MoreHide Full Article
Wynn Resorts, Limited (WYNN - Free Report) reported mixed fourth-quarter 2021 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line surpassed the consensus mark for the third straight quarter. The metrics also improved on a year-over-year basis.
The company’s results in the quarter benefited from strong spending per customer and significant new customer sign-ups in its direct business.
Craig Billings, CEO of Wynn Resorts, Limited, stated, “I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted Property EBITDA at both properties during the fourth quarter. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”
Q4 Earnings & Revenues
The company reported an adjusted loss of $1.37 per share, wider than the Zacks Consensus Estimate of a loss of $1.24. In the prior-year quarter, the company had reported an adjusted loss of $2.45 per share.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Revenues during the fourth quarter came in at $1,053.1 million, beating the Zacks Consensus Estimate of $1,032 million by 2.1%. In the prior-year quarter, the company reported revenues of $686 million. The company benefitted from the solid contributions of Las Vegas operations.
Wynn Palace Operations
During the fourth quarter, Wynn Palace revenues were $194 million compared with $221.5 million reported in the prior-year quarter. Casino revenues in the reported quarter totaled $145.9 million compared with $159.8 million reported in the prior-year quarter. Rooms and food and beverage revenues plunged 20.4% and 38.6% year over year to $15.5 million and $11.6 million, respectively. During the quarter under review, entertainment, retail and other revenues declined 9.9% year over year to $21.1 million.
In the VIP segment, table games turnover was $1,189.7 million, down 57.6% year over year. VIP table games win rate (based on turnover) was 2.59%, lower than the expected range of 2.7-3%. However, the figure was above 1.97% reported in the prior-year quarter. Table drop at the mass market segment was $592.1 million compared with $658.5 million reported in the prior-year quarter. Table games win in mass market operations amounted to $134.2 million compared with $142.3 million reported in the prior-year quarter.
During the reported quarter, RevPAR declined 18.3% year over year to $94. Occupancy levels in the segment moved up to 50.9% compared with 59.5% reported in the prior-year quarter. The average daily rate (ADR) during the quarter came in at $185, down 3.6% year over year.
Wynn Macau Operations
During the fourth quarter, Wynn Macau’s revenues amounted to $131.7 million compared with $181.9 million in the prior-year quarter. The downside was primarily due to a fall in casino, rooms, food and beverage, and entertainment, retail and other revenues.
Casino revenues in the reported quarter were $97.4 million, down 25.6% year over year. Rooms and food and beverage revenues declined 26.6% and 38.3% year over year to $11.5 million and $8.8 million, respectively. During the quarter, entertainment, retail and other revenues fell 33.8% year over year to $14 million.
Table games turnover in the VIP segment declined 51.6% year over year to $858.1 million. The VIP table games win rate (based on turnover) was 2.85%, falling within the expected range of 2.7-3.0%. The figure was below 3.10% reported in the prior-year quarter.
Table drop in the mass market segment was $527.2 million compared with $632.5 million reported in the prior-year quarter. Table games win in the mass market category was $91.5 million compared with $113.1 million reported in the prior-year quarter.
During the reported quarter, RevPAR fell 26.8% year over year to $112. Occupancy levels in the segment came in at 55.2% compared with 65.5% in the prior-year quarter. However, ADR came in at $204, down 12.4% year over year.
Las Vegas Operations
During the fourth quarter, revenues from Las Vegas operations were $493.9 million compared with $172.5 million reported in the year-ago quarter.
Casino revenues surged 60.6% year over year to $121.2 million. Revenues from food and beverage, rooms, and entertainment, retail and other increased 297.3%, 312.7% and 198.3% year over year to $156.2 million, $159.5 million and $57 million, respectively.
Table games drop increased 96.9% year over year to $584.1 million. Table games win surged 67.7% year over year to $121.3 million. During the fourth quarter, table games win percentage of 20.8% was below the projected range of 22-26% and lower than 24.4% reported in the prior-year quarter.
During the quarter under review, RevPAR soared 261.9% year over year to $380. The occupancy rate came in at 86.3%, up from 34.2% in the prior-year quarter. ADR was $441, up 44.6% year over year.
Encore Boston Harbor
During the fourth quarter, revenues from Encore Boston Harbor operations amounted to $204 million. During the quarter, table games win percentage of 22.2% was above the projected range of 18-22%. The figure was also higher than 20.9% reported in the prior-year quarter.
During the reported quarter, RevPAR increased 33.2% year over year to $297. The occupancy rate came in at 87.2%, up from 73.8% in the prior-year quarter. ADR was $341, up 12.5% year over year.
Operating Performance
During the fourth quarter, adjusted property earnings before interests, taxes, depreciation and amortization (EBITDA) was $149.1 million compared with $69.8 million reported in the prior-year quarter.
In the quarter under review, adjusted property EBITDA from Macau totaled $(25.9) million against $39.4 million reported in the prior-year quarter. Adjusted property EBITDA from Las Vegas operations was $186.2 million compared with $21 million reported in the year-ago quarter. Adjusted property EBITDA from Encore Boston Harbor was $68.2 million compared with $16.7 million reported in the prior-year quarter.
Cash Position
As of Dec 31, 2021, Wynn Resorts’ cash and cash equivalents totaled $2.52 billion compared with $2.48 billion as of Sep 30, 2021.
Total current and outstanding debt at the end of the fourth quarter amounted to $11.93 billion, including $3.13 billion of Wynn Las Vegas related debt, $5.97 billion of Macau debt, $2.22 billion of Wynn Resorts Finance debt and $612.9 million of debt held by the retail joint venture, which the company consolidated.
Other Updates
The company entered into a definitive agreement with Realty Income Corporation to sell leaseback of its real estate at Encore Boston Harbor. Quoted at $1.7 billion, the financing and capital structure decision is likely to enhance the company’s financial flexibility in terms of retiring its near-term debt as well as for deploying capital for the construction of additional parking and complimentary non-gaming amenities. The company anticipates closing the deal by the fourth quarter of 2022, subject to regulatory approvals.
The company announced plans to develop and manage a luxury-integrated resort in the UAE, in association with Marjan and RAK Hospitality Holding. The company anticipates the project to support tourism and employment growth in the region.
2021 Highlights
Total revenues in 2021 came in at $3,763.7 million compared with $2,095.9 million in 2020.
Adjusted EBITDA in 2021 came in at $569.4 million against $(324.3) million in 2020.
In 2021, adjusted earnings per share (EPS) came in at $(6.12) compared with $(19.18) reported in the previous year.
Crocs flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 41.6%, on average. Shares of Crocs have increased 24.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 48.5% and 23.2%, respectively, from the year-ago period’s levels.
RCI Hospitality flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 63.2%, on average. Shares of RCI Hospitality have gained 17% in the past year.
The Zacks Consensus Estimate for RICK’s 2022 sales and EPS suggests growth of 33.9% and 19.6%, respectively, from the year-ago period’s levels.
JAKKS Pacific flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 48.9%, on average. Shares of JAKKS Pacific have increased 35.1% in the past year.
The Zacks Consensus Estimate for JAKK’s 2022 sales and EPS suggests growth of 4.9% and 227.8%, respectively, from the year-ago period’s levels.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Wynn Resorts (WYNN) Q4 Earnings Miss Estimates, Revenues Top
Wynn Resorts, Limited (WYNN - Free Report) reported mixed fourth-quarter 2021 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line surpassed the consensus mark for the third straight quarter. The metrics also improved on a year-over-year basis.
The company’s results in the quarter benefited from strong spending per customer and significant new customer sign-ups in its direct business.
Craig Billings, CEO of Wynn Resorts, Limited, stated, “I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted Property EBITDA at both properties during the fourth quarter. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”
Q4 Earnings & Revenues
The company reported an adjusted loss of $1.37 per share, wider than the Zacks Consensus Estimate of a loss of $1.24. In the prior-year quarter, the company had reported an adjusted loss of $2.45 per share.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Wynn Resorts, Limited price-consensus-eps-surprise-chart | Wynn Resorts, Limited Quote
Revenues during the fourth quarter came in at $1,053.1 million, beating the Zacks Consensus Estimate of $1,032 million by 2.1%. In the prior-year quarter, the company reported revenues of $686 million. The company benefitted from the solid contributions of Las Vegas operations.
Wynn Palace Operations
During the fourth quarter, Wynn Palace revenues were $194 million compared with $221.5 million reported in the prior-year quarter. Casino revenues in the reported quarter totaled $145.9 million compared with $159.8 million reported in the prior-year quarter. Rooms and food and beverage revenues plunged 20.4% and 38.6% year over year to $15.5 million and $11.6 million, respectively. During the quarter under review, entertainment, retail and other revenues declined 9.9% year over year to $21.1 million.
In the VIP segment, table games turnover was $1,189.7 million, down 57.6% year over year. VIP table games win rate (based on turnover) was 2.59%, lower than the expected range of 2.7-3%. However, the figure was above 1.97% reported in the prior-year quarter. Table drop at the mass market segment was $592.1 million compared with $658.5 million reported in the prior-year quarter. Table games win in mass market operations amounted to $134.2 million compared with $142.3 million reported in the prior-year quarter.
During the reported quarter, RevPAR declined 18.3% year over year to $94. Occupancy levels in the segment moved up to 50.9% compared with 59.5% reported in the prior-year quarter. The average daily rate (ADR) during the quarter came in at $185, down 3.6% year over year.
Wynn Macau Operations
During the fourth quarter, Wynn Macau’s revenues amounted to $131.7 million compared with $181.9 million in the prior-year quarter. The downside was primarily due to a fall in casino, rooms, food and beverage, and entertainment, retail and other revenues.
Casino revenues in the reported quarter were $97.4 million, down 25.6% year over year. Rooms and food and beverage revenues declined 26.6% and 38.3% year over year to $11.5 million and $8.8 million, respectively. During the quarter, entertainment, retail and other revenues fell 33.8% year over year to $14 million.
Table games turnover in the VIP segment declined 51.6% year over year to $858.1 million. The VIP table games win rate (based on turnover) was 2.85%, falling within the expected range of 2.7-3.0%. The figure was below 3.10% reported in the prior-year quarter.
Table drop in the mass market segment was $527.2 million compared with $632.5 million reported in the prior-year quarter. Table games win in the mass market category was $91.5 million compared with $113.1 million reported in the prior-year quarter.
During the reported quarter, RevPAR fell 26.8% year over year to $112. Occupancy levels in the segment came in at 55.2% compared with 65.5% in the prior-year quarter. However, ADR came in at $204, down 12.4% year over year.
Las Vegas Operations
During the fourth quarter, revenues from Las Vegas operations were $493.9 million compared with $172.5 million reported in the year-ago quarter.
Casino revenues surged 60.6% year over year to $121.2 million. Revenues from food and beverage, rooms, and entertainment, retail and other increased 297.3%, 312.7% and 198.3% year over year to $156.2 million, $159.5 million and $57 million, respectively.
Table games drop increased 96.9% year over year to $584.1 million. Table games win surged 67.7% year over year to $121.3 million. During the fourth quarter, table games win percentage of 20.8% was below the projected range of 22-26% and lower than 24.4% reported in the prior-year quarter.
During the quarter under review, RevPAR soared 261.9% year over year to $380. The occupancy rate came in at 86.3%, up from 34.2% in the prior-year quarter. ADR was $441, up 44.6% year over year.
Encore Boston Harbor
During the fourth quarter, revenues from Encore Boston Harbor operations amounted to $204 million. During the quarter, table games win percentage of 22.2% was above the projected range of 18-22%. The figure was also higher than 20.9% reported in the prior-year quarter.
During the reported quarter, RevPAR increased 33.2% year over year to $297. The occupancy rate came in at 87.2%, up from 73.8% in the prior-year quarter. ADR was $341, up 12.5% year over year.
Operating Performance
During the fourth quarter, adjusted property earnings before interests, taxes, depreciation and amortization (EBITDA) was $149.1 million compared with $69.8 million reported in the prior-year quarter.
In the quarter under review, adjusted property EBITDA from Macau totaled $(25.9) million against $39.4 million reported in the prior-year quarter. Adjusted property EBITDA from Las Vegas operations was $186.2 million compared with $21 million reported in the year-ago quarter. Adjusted property EBITDA from Encore Boston Harbor was $68.2 million compared with $16.7 million reported in the prior-year quarter.
Cash Position
As of Dec 31, 2021, Wynn Resorts’ cash and cash equivalents totaled $2.52 billion compared with $2.48 billion as of Sep 30, 2021.
Total current and outstanding debt at the end of the fourth quarter amounted to $11.93 billion, including $3.13 billion of Wynn Las Vegas related debt, $5.97 billion of Macau debt, $2.22 billion of Wynn Resorts Finance debt and $612.9 million of debt held by the retail joint venture, which the company consolidated.
Other Updates
The company entered into a definitive agreement with Realty Income Corporation to sell leaseback of its real estate at Encore Boston Harbor. Quoted at $1.7 billion, the financing and capital structure decision is likely to enhance the company’s financial flexibility in terms of retiring its near-term debt as well as for deploying capital for the construction of additional parking and complimentary non-gaming amenities. The company anticipates closing the deal by the fourth quarter of 2022, subject to regulatory approvals.
The company announced plans to develop and manage a luxury-integrated resort in the UAE, in association with Marjan and RAK Hospitality Holding. The company anticipates the project to support tourism and employment growth in the region.
2021 Highlights
Total revenues in 2021 came in at $3,763.7 million compared with $2,095.9 million in 2020.
Adjusted EBITDA in 2021 came in at $569.4 million against $(324.3) million in 2020.
In 2021, adjusted earnings per share (EPS) came in at $(6.12) compared with $(19.18) reported in the previous year.
Zacks Rank & Key Picks
Wynn Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks from the Zacks Consumer Discretionary sector are Crocs, Inc. (CROX - Free Report) , RCI Hospitality Holdings, Inc. (RICK - Free Report) and JAKKS Pacific, Inc. (JAKK - Free Report) .
Crocs flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 41.6%, on average. Shares of Crocs have increased 24.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 48.5% and 23.2%, respectively, from the year-ago period’s levels.
RCI Hospitality flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 63.2%, on average. Shares of RCI Hospitality have gained 17% in the past year.
The Zacks Consensus Estimate for RICK’s 2022 sales and EPS suggests growth of 33.9% and 19.6%, respectively, from the year-ago period’s levels.
JAKKS Pacific flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 48.9%, on average. Shares of JAKKS Pacific have increased 35.1% in the past year.
The Zacks Consensus Estimate for JAKK’s 2022 sales and EPS suggests growth of 4.9% and 227.8%, respectively, from the year-ago period’s levels.