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    Wynn Resorts Ltd (WYNN)

    New Share Buyback Program

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    Business Description

    Wynn Resorts, Limited is a designer, developer, and operator of integrated resorts that offer luxury hotel accommodations, high-end retail spaces, dining and entertainment options, meeting and convention facilities, and gaming experiences. The company operates in key locations such as Macau, Las Vegas, and Boston, with plans for expansion in the United Arab Emirates . Its revenue streams are diversified across several product lines, with casino operations being the largest contributor, followed by rooms, food and beverage, and entertainment, retail, and other services . Additionally, Wynn Interactive focuses on digital sports betting and casino gaming .

    1. Casino Operations - Operates gaming facilities in Macau and Las Vegas, contributing significantly to the company's revenue.
    2. Rooms - Provides luxury hotel accommodations across its integrated resorts in Macau, Las Vegas, and Boston.
    3. Food and Beverage - Offers a variety of dining options ranging from casual to fine dining experiences within its resorts.
    4. Entertainment, Retail, and Other Services - Includes high-end retail spaces, entertainment options, and other resort services.
    5. Wynn Interactive - Focuses on digital sports betting and online casino gaming.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Craig S. BillingsChief Executive OfficerFebruary 1, 2022Craig S. Billings has been the CEO of Wynn Resorts, Limited since February 1, 2022. He joined the company in March 2017 as CFO and served as President from March 2019 until May 2020, when he became CEO of Wynn Interactive. He is also the CEO and an Executive Director of Wynn Macau, Limited, and serves as a director of Applovin Corporation .
    Julie M. Cameron-DoeChief Financial OfficerApril 2022Julie M. Cameron-Doe is the CFO of Wynn Resorts since April 2022. Previously, she was the CFO of Aristocrat Leisure Ltd from 2018 to 2022 and held senior finance roles in entertainment and e-commerce companies in the UK and Australia. She graduated with a B.A. in Economics from the University of Durham in the UK .
    Ellen F. WhittemoreExecutive Vice President, General Counsel, SecretaryJuly 2018Ellen F. Whittemore has served as EVP, General Counsel, and Secretary of Wynn Resorts since July 2018. She is also a Non-Executive Director of Wynn Macau, Limited. She announced her retirement, effective January 31, 2025. She has led the company's global legal affairs and other activities since 2018 .
    Jacqui KrumExecutive Vice President, General Counsel, SecretaryDecember 1, 2024Jacqui Krum was appointed as EVP, General Counsel, and Secretary of Wynn Resorts, effective December 1, 2024. She previously served as General Counsel and SVP at Wynn Resorts' Encore Boston Harbor. She joined Wynn Resorts in 2013 and was part of the team that secured the gaming license bid in Eastern Massachusetts .

    Questions to Ask Management

    1. Given the intense competitive pressures and reinvestment happening in Macau, how does Wynn plan to sustain or grow its market share while maintaining profitability, especially considering the recent 10% increase in mass market table drop at Wynn Macau?
    2. With the significant capital expenditures planned in Las Vegas, including $300 million in project CapEx and $75-85 million in maintenance CapEx, how will these investments impact your free cash flow and ability to continue share repurchases and dividends?
    3. As you enter the UAE market with Wynn Marjan Island, what risks do you foresee in operating in a new regulatory environment, and how are you mitigating potential challenges associated with launching in what you describe as the most exciting new market in decades?
    4. Considering your concerns about online gaming potentially cannibalizing land-based revenues and causing regulatory blowback, how do you plan to address these issues in markets like New York where iGaming legislation is being considered?
    5. With fluctuations in Las Vegas table drop partly attributed to high-end customer volatility, what strategies are you implementing to stabilize this segment and ensure sustainable growth, especially given that table drop was down slightly this quarter despite healthy demand from high-end consumers?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateApril 2016 November 1, 2024
    End Date/DurationNo expiration date No expiration date
    Total additional amount$1.0 billion $1.0 billion
    Remaining authorization$247.7 million N/A
    DetailsDiscretionary repurchasesIncreased authorization by approximately $766 million

    Debt Maturity Schedule

    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20241.239 Current portion of long-term debtN/A10.5% = (1.239B / 11.787B) * 100
    20250.583 WLV 5 1/2% Senior Notes5.50 4.9% = (0.583B / 11.787B) * 100
    20261.000 WML 5 1/2% Senior Notes5.50 8.5% = (1.000B / 11.787B) * 100
    20272.018 WML 5 1/2% Senior Notes, WRF Term Loan, WRF 5 1/4% Senior Notes, Retail Term Loan5.50, 6.70, 5.25, SOFR + 2.15 17.1% = (2.018B / 11.787B) * 100
    20282.501 WM Cayman II Revolver, WML 5 5/8% Senior Notes6.33, 5.625 21.2% = (2.501B / 11.787B) * 100
    20292.350 WML 5 1/8% Senior Notes, WML 4 1/2% Convertible Bonds, WRF 5 1/8% Senior Notes5.125, 4.50, 5.125 19.9% = (2.350B / 11.787B) * 100
    20311.000 WRF 7 1/8% Senior Notes7.125 8.5% = (1.000B / 11.787B) * 100
    20330.800 WRF 6 1/4% Senior Notes6.25 6.8% = (0.800B / 11.787B) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2006 PresentCurrent auditor

    Latest news

    Recent developments and announcements about WYNN.

    Corporate Leadership

      Leadership Change

      ·
      Nov 27, 2024, 9:31 PM

      Ellen Whittemore is leaving her role as Executive Vice President, General Counsel, and Secretary of Wynn Resorts, Limited. She will transition to the role of Executive Vice President until her retirement on January 31, 2025. Jacqui Krum is stepping up as the new Executive Vice President, General Counsel, and Secretary, effective December 1, 2024 .

    Financial Actions

      New Share Buyback Program

      ·
      Sep 20, 2024, 12:00 AM

      Wynn Resorts has announced a new buyback program involving the issuance of $800 million in 6.250% Senior Notes due 2033. The proceeds from this issuance will be used to redeem existing 5.500% Senior Notes due 2025 and for general corporate purposes. The Notes are redeemable at the Issuers' option, in whole or in part, at any time prior to September 15, 2027, at a redemption price equal to 100% of the aggregate principal amount plus a "make-whole" amount, plus accrued and unpaid interest. After September 15, 2027, the Notes can be redeemed at specified prices. The Notes are subject to disposition and redemption requirements imposed by gaming laws and regulations .