Wynn Resorts, Limited (NASDAQ:WYNN) Q3 2024 Earnings Conference Call November 4, 2024 4:30 PM ET

Company Participants

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

Conference Call Participants

Carlo Santarelli - Deutsche Bank
Joe Greff - JPMorgan
John DeCree - CBRE
Robin Farley - UBS
Dan Politzer - Wells Fargo
Stephen Grambling - Morgan Stanley
David Katz - Jefferies
Brandt Montour - Barclays

Operator

Welcome to the Wynn Resorts' Third Quarter 2024 Earnings Call. All participants are on 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 good afternoon. As always, thank you for joining us today.

It's about a month ago that we had the opportunity to host many of the folks on this call here at Wynn Las Vegas to take you through our business in general and Wynn Al Marjan Island in particular. It was great to see you all, and I hope that our confidence in our current business and in our development pipeline came through.

Our leadership position in the world's most attractive gaming markets, our targeted investments in our existing properties, and our development in the UAE all give us great conviction about the future of Wynn Resorts.

To that end, we announced that the Board has increased our share repurchase authorization to $1 billion, highlighting our continued commitment to prudently return capital to shareholders.

Turning to the quarter and starting in Las Vegas. Demand remained healthy here. And on a normalized basis, revenue was up about 1% and EBITDA was essentially flat year-over-year on very tough comps.

Despite those very tough year-over-year comps, we grew hotel revenue by 5%, slot handle by 4%, and continued to see healthy table drop in the casino. More recently, demand has remained healthy in the fourth quarter with strong growth in slot handle, table drop, and solid nongaming demand.