Wynn Resorts, Limited (NASDAQ:WYNN) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Julie Cameron-Doe - CFO
Craig Billings - CEO
Brian Gullbrants - COO, North America

Conference Call Participants

Carlo Santarelli - Deutsche Bank
Joseph Greff - JPMorgan
Shaun Kelley - Bank of America
Daniel Politzer - Wells Fargo
John DeCree - CBRE
Robin Farley - UBS
Benjamin Chaiken - Mizuho
David Katz - Jefferies

Operator

Welcome to the Wynn Resorts First Quarter Earnings Call. All participants are in a listen-only mode, until the question-and-answer session of today's conference. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time.

I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

Julie Cameron-Doe

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto, and Jenny Holaday. I want to remind you that we may make forward-looking statements under Safe Harbor Federal Securities Laws, and those statements may or may not come true.

I will now turn the call over to Craig Billings.

Craig Billings

Thanks, Julie, and afternoon, everyone. As always, thanks for joining us today. The momentum that we generated in the business throughout 2023 continued into 2024, as we delivered all-time record property EBITDAR of $647 million during the first quarter of 2024. I'm incredibly proud of all of our team members who remain so focused on delivering 5 star service and one of the kind experiences to our guests, a heartfelt thank you to each of you.

Turning to the quarter and starting here in Vegas. Wynn Las Vegas delivered $246 million of adjusted property EBITDAR, a first quarter record and up 6% year-on-year on a very difficult comp. As we noted on our last call, most of the action in the quarter was concentrated in February, as the combination of Super Bowl and Chinese New Year drove all-time record EBITDA during the month.

Quarter was characterized by strong performance across our non-gaming businesses with revenue growing 16% year-on-year, led by 21% growth in hotel revenue, along with healthy volumes in the casino. Through our unique combination of the best service levels in the market, continuous reinvestment in our property, and our Only at Wynn programming, we continue to fire on all cylinders here in Las Vegas. More recently, our top-line trends remained healthy in April with Drop, Handle, and RevPAR all up year-over-year on yet another difficult comp.