Wynn Resorts Stock Price, News & Analysis

Wynn Resorts has secured a 10-year gaming concession agreement with the Macau government for its properties, Wynn Macau and Wynn Palace Cotai. The agreement emphasizes the company's confidence in future market opportunities in Macau, showcasing its commitment to enhancing the region as a top-tier tourism and leisure destination. Wynn Resorts thanked the Macau government for their partnership, highlighting ongoing positive discussions that signal strong prospects for its operations in the area.

Wynn Resorts has finalized the sale of Encore Boston Harbor to Realty Income Corporation for $1.7 billion. The deal received all requisite regulatory approvals and resulted in a cash cap rate of 5.9%. Post-transaction, Wynn's global liquidity is bolstered to $4.4 billion. The company will maintain operations at Encore Boston Harbor under a triple net lease with Realty Income, securing an initial rent of $100 million annually, with escalations in future years.

Realty Income Corporation (NYSE: O) has successfully closed its acquisition of Encore Boston Harbor's land and real estate assets from Wynn Resorts (NASDAQ: WYNN) for $1.7 billion. With all regulatory approvals secured, the transaction marks Realty Income's first venture into the gaming industry. Following the acquisition, Wynn Resorts will operate the resort under a triple net lease. Realty Income is renowned for its reliable monthly dividends, boasting a 53-year history of consistent payouts and 629 consecutive monthly dividends declared.

Wynn Resorts (Nasdaq: WYNN) announced on November 25, 2022 that its Macau subsidiary received a provisional award of a gaming concession from the Macau government. This award is not final and is contingent upon the completion of the formal documentation detailing the terms and conditions. This development is significant as it allows Wynn Resorts to continue its operations in Macau, a vital market for the company. The finalization of this gaming concession will further solidify Wynn's position in the competitive gaming industry in the region.

Wynn Las Vegas (Nasdaq: WYNN) will host an exclusive screening of the Paramount+ series "1923" on December 3, 2022, featuring a star-studded cast including Harrison Ford and Helen Mirren. To celebrate, the resort offers luxury packages that include a two-night stay in a Wynn Salon Suite, priority access to the screening and after-party, dinner at SW, and Gold Buckle tickets to the Wrangler National Finals Rodeo. The series is set to debut on Paramount+ on December 18, 2022.

Wynn Las Vegas has introduced its new show, Awakening, featuring collaborations with renowned artists. The show includes large-format murals, an animated short film, and unique playing cards designed by notable illustrators. CEO Craig Billings emphasized the commitment to artistic expression, showcasing works by Allison Hueman, Kentaro Yoshimura, and Clyde Thompson, which are displayed across different cities through January 2023. Awakening premiered on Nov. 7, with performances scheduled from Tuesday to Saturday.

Wynn Las Vegas has partnered with Formula 1 to offer the "Official FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX Million Dollar All-Access Experience" for the inaugural race on November 16-18, 2023. This exclusive package, priced at $1 million, accommodates six guests and includes premium race experiences, luxury accommodations, and VIP access to events. For each package sold, $100,000 will be donated to local philanthropic initiatives. The offering aims to provide a unique blend of high-end entertainment and charitable contribution.

Wynn Resorts reported third-quarter 2022 results, with operating revenues of $889.7 million, down $104.9 million year-over-year. The net loss narrowed to $142.9 million or $1.27 per diluted share, compared to a loss of $166.2 million in Q3 2021. Adjusted Property EBITDA increased to $173.5 million, up 12.3% from the previous year. Las Vegas operations showed growth, while Macau faced challenges due to COVID-19 restrictions. The company reported $1.94 billion in cash and a total debt of $12.12 billion. A sale-leaseback deal is anticipated to generate $1.7 billion in cash for corporate purposes.

Wynn Resorts (NASDAQ: WYNN) will release its financial results for the third quarter ended September 30, 2022 after the market close on November 9, 2022. A conference call will follow at 1:30 p.m. PT (4:30 p.m. ET). This call will be accessible via www.wynnresorts.com or by calling (888) 455-5965 (international: (773) 799-3869) with access code 3983556. A replay will be available until December 9, 2022.