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 Lag Estimates, Revenues Top
Read MoreHide Full Article
Wynn Resorts, Limited (WYNN - Free Report) reported fourth-quarter 2022 results, with earnings missing the Zacks Consensus Estimate and revenues surpassing the same. The top line declined year over year, while the bottom line improved from the prior-year quarter's figure.
Craig Billings, CEO of Wynn Resorts, Limited, stated, "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth."
Q4 Earnings & Revenues
During the quarter, the company reported an adjusted loss of $1.23 per share, wider than the Zacks Consensus Estimate of a loss of $1.17. In the prior-year quarter, the company reported an adjusted loss of $1.37 per share.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Quarterly revenues of $1,004.9 million surpassed the consensus mark of $941 million. However, the top line declined 4.6% on a year-over-year basis. The downside was mainly due to the dismal performance of Wynn Palace and Wynn Macau.
Wynn Palace Operations
During the fourth quarter, Wynn Palace revenues were $113.1 million compared with $194 million reported in the prior-year quarter. Casino revenues in the reported quarter totaled $68.9 million compared with $145.9 million reported in the prior-year quarter. Rooms and food and beverage revenues declined 20.8% and 0.3% year over year to $12.3 million and $11.5 million, respectively. During the quarter under review, entertainment, retail and other revenues declined 3.3% year over year to $20.4 million.
In the VIP segment, table games turnover was $ 1,047.5 million, down 11.9% year over year. VIP table games win (loss) rate (based on turnover) was 0.11%, below the expected range of 3.1-3.4%. The figure was below the 2.59% reported in the prior-year quarter. Table drop in the mass market segment was $ 373.3 million compared with $592.1 million reported in the prior-year quarter. Table games’ wins in mass market operations amounted to $86.9 million compared with $134.2 million reported in the prior-year quarter.
During the reported quarter, RevPAR declined 22.3% year over year to $73. Occupancy levels in the segment came in at 50.1% compared with 50.9% reported in the prior-year quarter. The average daily rate (ADR) during the quarter came in at $146, down 21.1% on a year-over-year basis.
Wynn Macau Operations
During the fourth quarter, Wynn Macau’s revenues amounted to $77.2 million compared with $131.7 million reported in the prior-year quarter. The downside was primarily due to a fall in the casino, rooms and entertainment, retail and other revenues.
Casino revenues in the reported quarter were $51.4 million, down 47.2% year over year. Rooms and entertainment, retail and other revenues declined 37.7% and 20.2% year over year to $7.1 million and $11.2 million, respectively. During the quarter, food and beverage revenues declined 15.3% year over year to $7.5 million.
Table games turnover in the VIP segment declined 49.9% year over year to $429.6 million. The VIP table games win rate (based on turnover) was 1.2%, below the expected range of 3.1-3.4%. Also, the figure was lower than 2.85% reported in the prior-year quarter.
Table drop in the mass market segment was $ 317.8 million compared with $527.2 million reported in the prior-year quarter. Table games’ win in the mass market category was $54.7 million compared with $91.5 million reported in the prior-year quarter.
During the reported quarter, RevPAR fell 37.5% year over year to $70. Occupancy levels in the segment came in at 51.8% compared with 55.2% in the prior-year quarter. However, ADR came in at $135, down 33.8% year over year.
Las Vegas Operations
During the fourth quarter, revenues from Las Vegas operations were $585.5 million compared with $493.9 million reported in the year-ago quarter.
Casino revenues increased 16.6% year over year to $141.3 million. Revenues from food and beverage, rooms and entertainment, retail and other increased 12.8%, 19.5% and 35.9% year over year to $176.1 million, $190.6 million and $77.4 million, respectively.
Table games drop inched up 1.1% year over year to $590.7 million. Table games wins increased 3.5% year over year to $125.4 million. During the fourth quarter, table games win percentage of 21.2% was below the projected range of 22-26%. However, the figure was above 20.8% reported in the prior-year quarter.
During the quarter under review, RevPAR increased 16.6% year over year to $443. The occupancy rate came in at 89.9%, up from 86.3% reported in the prior-year quarter. ADR was $492, up 11.6% year over year.
Encore Boston Harbor
During the fourth quarter, revenues from Encore Boston Harbor operations amounted to $218.3 million compared with $204 million reported in the prior-year quarter. During the quarter, table games win percentage of 21.9% was within the projected range of 18-22%. However, the figure was below 22.2% reported in the prior-year quarter.
During the reported quarter, RevPAR increased 27.9% year over year to $380. The occupancy rate came in at 93.9%, up from 87.2% reported in the prior-year quarter. ADR was $404, up 18.5% year over year.
Operating Performance
During the fourth quarter, adjusted property EBITDAR was $195.1 million compared with $149.1 million reported in the prior-year quarter.
In the quarter under review, adjusted property EBITDAR from Wynn Macau totaled ($35.2) million compared with ($24.5) million reported in the prior-year quarter. Adjusted property EBITDAR from Las Vegas operations was $219.3 million compared with $186.2 million reported in the year-ago quarter. Adjusted property EBITDAR from Encore Boston Harbor was $63.3 million compared with $68.2 million reported in the prior-year quarter.
Cash Position
As of Dec 31, 2022, Wynn Resorts’ cash and cash equivalents totaled $3.65 billion compared with $1.94 billion as of Sep 30, 2022.
Total current and outstanding debt at the end of the fourth quarter amounted to $12.12 billion. The figure included $3.14 billion of Wynn Las Vegas-related debt, $6.19 billion of Macau debt, $2.17 billion of Wynn Resorts Finance debt and $613.5 million of debt held by the retail joint venture, which the company consolidated.
2022 Highlights
Total revenues in 2022 came in at $3,756.8 million compared with $3,763.7 million in 2021.
Adjusted EBITDAR in 2022 came in at $725.4 million compared with $569.4 million in 2021.
In 2022, adjusted earnings per share (EPS) came in at $(4.47) compared with $(6.12) reported in the previous year.
OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of the company have increased 7.9% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 24.2% and 91%, respectively, from the year-ago period’s levels.
Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 4.9%. The stock has increased by 23.2% in the past year.
The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 100.8% and 217.5%, respectively, from the year-ago period’s estimated levels.
Manchester carries a Zacks Rank #2 (Buy). MANU has a trailing four-quarter earnings surprise of 34.4%, on average. Shares of the company have gained 69.8% in the past year.
The Zacks Consensus Estimate for MANU’s 2024 sales and EPS indicates a rise of 11.4% and 27.8%, respectively, from the year-ago 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 Lag Estimates, Revenues Top
Wynn Resorts, Limited (WYNN - Free Report) reported fourth-quarter 2022 results, with earnings missing the Zacks Consensus Estimate and revenues surpassing the same. The top line declined year over year, while the bottom line improved from the prior-year quarter's figure.
Craig Billings, CEO of Wynn Resorts, Limited, stated, "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth."
Q4 Earnings & Revenues
During the quarter, the company reported an adjusted loss of $1.23 per share, wider than the Zacks Consensus Estimate of a loss of $1.17. In the prior-year quarter, the company reported an adjusted loss of $1.37 per share.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Wynn Resorts, Limited price-consensus-eps-surprise-chart | Wynn Resorts, Limited Quote
Quarterly revenues of $1,004.9 million surpassed the consensus mark of $941 million. However, the top line declined 4.6% on a year-over-year basis. The downside was mainly due to the dismal performance of Wynn Palace and Wynn Macau.
Wynn Palace Operations
During the fourth quarter, Wynn Palace revenues were $113.1 million compared with $194 million reported in the prior-year quarter. Casino revenues in the reported quarter totaled $68.9 million compared with $145.9 million reported in the prior-year quarter. Rooms and food and beverage revenues declined 20.8% and 0.3% year over year to $12.3 million and $11.5 million, respectively. During the quarter under review, entertainment, retail and other revenues declined 3.3% year over year to $20.4 million.
In the VIP segment, table games turnover was $ 1,047.5 million, down 11.9% year over year. VIP table games win (loss) rate (based on turnover) was 0.11%, below the expected range of 3.1-3.4%. The figure was below the 2.59% reported in the prior-year quarter. Table drop in the mass market segment was $ 373.3 million compared with $592.1 million reported in the prior-year quarter. Table games’ wins in mass market operations amounted to $86.9 million compared with $134.2 million reported in the prior-year quarter.
During the reported quarter, RevPAR declined 22.3% year over year to $73. Occupancy levels in the segment came in at 50.1% compared with 50.9% reported in the prior-year quarter. The average daily rate (ADR) during the quarter came in at $146, down 21.1% on a year-over-year basis.
Wynn Macau Operations
During the fourth quarter, Wynn Macau’s revenues amounted to $77.2 million compared with $131.7 million reported in the prior-year quarter. The downside was primarily due to a fall in the casino, rooms and entertainment, retail and other revenues.
Casino revenues in the reported quarter were $51.4 million, down 47.2% year over year. Rooms and entertainment, retail and other revenues declined 37.7% and 20.2% year over year to $7.1 million and $11.2 million, respectively. During the quarter, food and beverage revenues declined 15.3% year over year to $7.5 million.
Table games turnover in the VIP segment declined 49.9% year over year to $429.6 million. The VIP table games win rate (based on turnover) was 1.2%, below the expected range of 3.1-3.4%. Also, the figure was lower than 2.85% reported in the prior-year quarter.
Table drop in the mass market segment was $ 317.8 million compared with $527.2 million reported in the prior-year quarter. Table games’ win in the mass market category was $54.7 million compared with $91.5 million reported in the prior-year quarter.
During the reported quarter, RevPAR fell 37.5% year over year to $70. Occupancy levels in the segment came in at 51.8% compared with 55.2% in the prior-year quarter. However, ADR came in at $135, down 33.8% year over year.
Las Vegas Operations
During the fourth quarter, revenues from Las Vegas operations were $585.5 million compared with $493.9 million reported in the year-ago quarter.
Casino revenues increased 16.6% year over year to $141.3 million. Revenues from food and beverage, rooms and entertainment, retail and other increased 12.8%, 19.5% and 35.9% year over year to $176.1 million, $190.6 million and $77.4 million, respectively.
Table games drop inched up 1.1% year over year to $590.7 million. Table games wins increased 3.5% year over year to $125.4 million. During the fourth quarter, table games win percentage of 21.2% was below the projected range of 22-26%. However, the figure was above 20.8% reported in the prior-year quarter.
During the quarter under review, RevPAR increased 16.6% year over year to $443. The occupancy rate came in at 89.9%, up from 86.3% reported in the prior-year quarter. ADR was $492, up 11.6% year over year.
Encore Boston Harbor
During the fourth quarter, revenues from Encore Boston Harbor operations amounted to $218.3 million compared with $204 million reported in the prior-year quarter. During the quarter, table games win percentage of 21.9% was within the projected range of 18-22%. However, the figure was below 22.2% reported in the prior-year quarter.
During the reported quarter, RevPAR increased 27.9% year over year to $380. The occupancy rate came in at 93.9%, up from 87.2% reported in the prior-year quarter. ADR was $404, up 18.5% year over year.
Operating Performance
During the fourth quarter, adjusted property EBITDAR was $195.1 million compared with $149.1 million reported in the prior-year quarter.
In the quarter under review, adjusted property EBITDAR from Wynn Macau totaled ($35.2) million compared with ($24.5) million reported in the prior-year quarter. Adjusted property EBITDAR from Las Vegas operations was $219.3 million compared with $186.2 million reported in the year-ago quarter. Adjusted property EBITDAR from Encore Boston Harbor was $63.3 million compared with $68.2 million reported in the prior-year quarter.
Cash Position
As of Dec 31, 2022, Wynn Resorts’ cash and cash equivalents totaled $3.65 billion compared with $1.94 billion as of Sep 30, 2022.
Total current and outstanding debt at the end of the fourth quarter amounted to $12.12 billion. The figure included $3.14 billion of Wynn Las Vegas-related debt, $6.19 billion of Macau debt, $2.17 billion of Wynn Resorts Finance debt and $613.5 million of debt held by the retail joint venture, which the company consolidated.
2022 Highlights
Total revenues in 2022 came in at $3,756.8 million compared with $3,763.7 million in 2021.
Adjusted EBITDAR in 2022 came in at $725.4 million compared with $569.4 million in 2021.
In 2022, adjusted earnings per share (EPS) came in at $(4.47) compared with $(6.12) 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 in the Zacks Consumer Discretionary sector are OneSpaWorld Holdings Limited. (OSW - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Manchester United plc (MANU - Free Report) .
OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of the company have increased 7.9% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 24.2% and 91%, respectively, from the year-ago period’s levels.
Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 4.9%. The stock has increased by 23.2% in the past year.
The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 100.8% and 217.5%, respectively, from the year-ago period’s estimated levels.
Manchester carries a Zacks Rank #2 (Buy). MANU has a trailing four-quarter earnings surprise of 34.4%, on average. Shares of the company have gained 69.8% in the past year.
The Zacks Consensus Estimate for MANU’s 2024 sales and EPS indicates a rise of 11.4% and 27.8%, respectively, from the year-ago levels.