Wynn bullish on Las Vegas as demand remains ‘healthy'
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Wynn Resorts' operating revenues for its Las Vegas segment, where the company operates Wynn Las Vegas and Encore, increased slightly (0.3%) in the fourth quarter of 2024, according to an earnings report.
Wynn's adjusted property EBITDAR in Las Vegas in Q4, meanwhile, was $267.4 million, down 1.25% year over year from $270.8 million in the fourth quarter of 2023.
Despite the decline, CEO Craig Billings said in the report that Wynn 'delivered strong quarterly performance in Las Vegas on very tough comparables.' During a Thursday earnings call, Billings expressed optimism for the Nevada market, touting healthy travel demand as a driver of future growth.
In Las Vegas, demand remained healthy in the fourth quarter of 2024, with nongaming business strong despite tough year-over-year comparisons during the week of Formula 1's Grand Prix, Billings said during the call. He added that EBITDA during 2024's F1 event was about $20 million lower than in 2023.
Despite the year-over-year decline, Wynn's daily EBITDA during the 2024 event was 'materially elevated relative to the years before F1 was a fixture in the market,' Billings said.
Wynn competitor MGM Resorts International also reported a decrease in casino and room revenues in Las Vegas during 2024's F1 event compared to 2023.
Strong travel demand in Las Vegas has kicked off 2025, with group and convention room nights on the books for the year at 'healthy ADRs,' according to Billings.
'Transient booking demand over the last two weeks has been extremely robust. When coupled with a calendar that is once again chock-full of large demand drivers in the market, the setup for 2025 feels good,' Billings said. Las Vegas is poised to benefit from sports tourism, specifically.
Other factors that will help Wynn 'exit 2025 even stronger,' include the anticipated opening of food and beverage concept Zero Bond at Wynn Las Vegas as well as a planned renovation of the Encore Tower and 'other relatively modest targeted investments,' Billings shared on the call.
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