Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial
results for the fourth quarter and year ended December 31,
2015.
Net revenues for the fourth quarter of 2015 were $946.9 million,
compared to $1,138.0 million in the fourth quarter of 2014. The
decline was the result of a 27.0% net revenue decrease from our
Macau Operations, partially offset by a 3.8% increase in net
revenues from our Las Vegas Operations. Adjusted property EBITDA
(1) was $287.5 million for the fourth quarter of 2015, an
18.4% decrease from $352.5 million in the fourth quarter of
2014.
For the full year, net revenues were $4,075.9 million in 2015,
down 25.0% from $5,433.7 million in 2014. Adjusted property EBITDA
declined 33.1% to $1,185.8 million in 2015. Adjusted property
EBITDA in 2015 decreased 43.7% to $708.6 million at our Macau
Operations and 7.4% to $477.2 million at our Las Vegas
Operations.
On a US GAAP basis, net income attributable to Wynn
Resorts, Limited for the fourth quarter of 2015 was $87.2 million,
or $0.86 per diluted share, compared to $109.3 million, or $1.07
per diluted share, in the fourth quarter of 2014.
Adjusted net income attributable to Wynn Resorts, Limited
(2) in the fourth quarter of 2015 was $104.1 million, or $1.03
per diluted share, compared to $122.4 million, or $1.20 per diluted
share, in the fourth quarter of 2014.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend for the quarter of $0.50 per common share.
This dividend will be payable on March 2, 2016, to stockholders of
record on February 23, 2016.
Macau Operations
In the fourth quarter of 2015, net revenues were $555.7 million,
a 27.0% decrease from the $761.2 million generated in the fourth
quarter of 2014. Adjusted property EBITDA in the fourth quarter of
2015 was $160.1 million, down 33.6% from $241.2 million in the
fourth quarter of 2014.
Table games turnover in the VIP segment was $13.0 billion for
the fourth quarter of 2015, a 36.9% decrease from $20.7 billion in
the fourth quarter of 2014. VIP table games win as a percentage of
turnover (calculated before commissions) for the quarter was 2.60%,
below the expected range of 2.7% to 3.0% and below the 2.80%
experienced in the fourth quarter of 2014. The average number of
VIP tables decreased to 192 units in the fourth quarter of 2015
from 244 units in the prior year's fourth quarter.
Commencing in the second quarter of 2015, the Company included
the amount of cash that is deposited in a gaming table's drop box
plus cash chips purchased at the casino cage in the calculation of
table drop in accordance with standard Macau industry practice.
Table drop in the mass market segment was $1,185.5
million in the fourth quarter of 2015,
down 10.9% from the 2014 fourth quarter. Table
games win in the mass market segment decreased
by 8.2% to $228.6 million in
the fourth quarter of 2015. The mass market win
percentage of 19.3% in the fourth quarter of 2015
increased from the 18.7% experienced in
the fourth quarter of 2014.
Slot machine handle for the fourth quarter of 2015
declined 4.7% from the 2014 period to $1,069.3
million, and slot win decreased by 9.8% to $50.4
million.
For the fourth quarter of 2015, total non-casino
revenues, before promotional allowances,
decreased 21.2% during the quarter to $75.6 million.
We achieved an average daily rate ("ADR") of $323,
down 2.7% compared to the $332 in the
2014 fourth quarter. Occupancy at Wynn Macau was 96.3%,
down from 98.6% in the prior-year period. Revenue per
available room ("REVPAR")
decreased 5.2% to $311 in the 2015 quarter
from $328 in last year’s fourth quarter.
Las Vegas Operations
In the fourth quarter of 2015, net revenues were $391.2 million,
a 3.8% increase from $376.8 million in the fourth quarter of 2014.
Adjusted property EBITDA in the fourth quarter of 2015 was $127.4
million, up 14.5% from $111.2 million in the fourth quarter of
2014.
Net casino revenues in the fourth quarter of 2015 were flat at
$170.9 million, compared to the fourth quarter of 2014 at $171.0
million. Table games drop of $485.7 million was
down 24.0% from $639.0 million in the 2014
quarter. Table games win percentage was 28.7%, above the
property’s expected range of 21% to 25% and above
the 24.0% in the 2014 quarter. Slot machine handle
of $730.7 million was 5.1% below
the $769.8 million in the comparable period of 2014, and
slot win was up 11.0% to $52.6 million.
For the fourth quarter of 2015, total non-casino
revenues, before promotional allowances,
increased 2.7% from the fourth quarter of 2014
to $263.0 million.
Room revenues increased 6.7% to $101.9
million during the quarter, versus $95.5 million in
the fourth quarter of 2014. Occupancy decreased to
81.1% from 82.1% and ADR
increased 7.7% to $292 from $271. REVPAR
was $237 in the 2015 fourth quarter, 6.8%
above the $222 reported in the prior-year quarter.
Food and beverage revenues in the fourth quarter of
2015 were $101.1 million, down 2.1% compared to the
2014 fourth quarter. Entertainment, retail and other
revenues increased 4.5% to $60.0 million.
Wynn Palace Project in Macau
The Company is currently constructing Wynn Palace, a fully
integrated resort featuring a 1,700-room hotel, a performance lake,
and a wide range of amenities, including meeting, retail,
food-and-beverage, and gaming space, in the Cotai area of Macau. In
July 2013, we signed a $2.6 billion guaranteed maximum price (GMP)
contract for the project’s construction. The total project budget,
including construction costs, capitalized interest, pre-opening
expenses, land costs and financing fees, is approximately $4.1
billion.
During the fourth quarter of 2015, we invested approximately
$433.4 million in our Cotai project, taking the total investment to
date to $3.5 billion.
Wynn Project in Massachusetts
In November 2014, we were awarded a gaming license to develop
and construct an integrated resort in Everett, Massachusetts,
adjacent to Boston. The resort will be located on a 33-acre site
along the Mystic River. The resort will contain a hotel, a
waterfront boardwalk, meeting space, a casino, a spa, retail
offerings, and food-and-beverage outlets. During the fourth quarter
of 2015, we began site remediation, site preparation and
pre-construction activities.
Balance Sheet and Other
Our cash and cash equivalents and investment securities at
December 31, 2015 totaled $2.3 billion.
Total debt outstanding at the end of the quarter was $9.2
billion, including $4.1 billion of Wynn Macau debt, $3.2 billion of
Wynn Las Vegas debt and $1.9 billion of debt at the parent company
and other.
During the 2015 year-end close process, the Company identified a
$33.8 million decrease in the fair value of the Redemption Note,
resulting in an increase to net income attributable to Wynn
Resorts, Limited of $22.4 million that should have been recorded
during the three months ended September 30, 2015. While the Company
determined these amounts were immaterial, considering both
quantitative and qualitative factors, it has elected to revise the
amounts in the three months ended September 30, 2015, and will
include disclosure of the adjustments in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2015. These
non-cash amounts do not affect the Consolidated Statements of
Operations for the year ended December 31, 2015 or adjusted
property EBITDA, adjusted net income attributable to Wynn Resorts,
Limited or adjusted net income per diluted share for the three
months ended September 30, 2015 and December 31, 2015.
Conference Call Information
The Company will hold a conference call to discuss its results
on February 11, 2016 at 1:30 p.m. PT (4:30 p.m. ET). Interested
parties are invited to join the call by accessing a live audio
webcast at http://www.wynnresorts.com.
Forward-looking Statements
This release contains forward-looking statements regarding
operating trends and future results of operations. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those we express in these forward-looking statements,
including, but not limited to, our dependence on existing
management, results of regulatory or enforcement actions and
probity investigations, pending or future legal proceedings,
uncertainties over the development and success of new gaming and
resort properties, adverse tourism trends, general global
macroeconomic conditions, changes in gaming laws or regulations,
volatility and weakness in world-wide credit and financial markets,
and our substantial indebtedness and leverage. Additional
information concerning potential factors that could affect the
Company’s financial results is included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2014 and
the Company’s other periodic reports filed with the Securities and
Exchange Commission. The Company is under no obligation to (and
expressly disclaims any such obligation to) update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
Non-GAAP Financial Measures
(1) “Adjusted property EBITDA” is net income before interest,
taxes, depreciation and amortization, pre-opening costs, property
charges and other, management and license fees, corporate expenses
and other, intercompany golf course and water rights leases,
stock-based compensation, loss on extinguishment of debt, change in
interest rate swap fair value, change in Redemption Note fair value
and other non-operating income and expenses, and includes equity in
income from unconsolidated affiliates. Adjusted property EBITDA is
presented exclusively as a supplemental disclosure because
management believes that it is widely used to measure the
performance, and as a basis for valuation, of gaming companies.
Management uses adjusted property EBITDA as a measure of the
operating performance of its segments and to compare the operating
performance of its properties with those of its competitors. The
Company also presents adjusted property EBITDA because it is used
by some investors as a way to measure a company’s ability to incur
and service debt, make capital expenditures and meet working
capital requirements. Gaming companies have historically reported
EBITDA as a supplement to financial measures in accordance with
U.S. generally accepted accounting principles (“GAAP”). In order to
view the operations of their casinos on a more stand-alone basis,
gaming companies, including Wynn Resorts, Limited, have
historically excluded from their EBITDA calculations pre-opening
expenses, property charges, corporate expenses and stock-based
compensation, that do not relate to the management of specific
casino properties. However, adjusted property EBITDA should not be
considered as an alternative to operating income as an indicator of
the Company’s performance, as an alternative to cash flows from
operating activities as a measure of liquidity, or as an
alternative to any other measure determined in accordance with
GAAP. Unlike net income, adjusted property EBITDA does not include
depreciation or interest expense and therefore does not reflect
current or future capital expenditures or the cost of capital. The
Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other non-recurring charges, which are not reflected in
adjusted property EBITDA. Also, Wynn Resorts’ calculation of
adjusted property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited.
(2) "Adjusted net income attributable to Wynn Resorts, Limited"
is net income before pre-opening costs, loss on extinguishment of
debt, change in interest rate swap fair value, change in Redemption
Note fair value, and property charges and other, net of
noncontrolling interest and taxes in respective jurisdictions.
Adjusted net income attributable to Wynn Resorts, Limited and
adjusted net income attributable to Wynn Resorts, Limited per
diluted share (“adjusted EPS”) are presented as supplemental
disclosures because management believes that these non-GAAP
financial measures are widely used to measure the performance, and
as a principal basis for valuation, of gaming companies. These
measures are used by management and/or evaluated by some investors,
in addition to income and EPS computed in accordance with GAAP, as
an additional basis for assessing period-to-period results of our
business. Adjusted net income attributable to Wynn Resorts, Limited
and adjusted net income attributable to Wynn Resorts, Limited per
diluted share may be different from the calculation methods used by
other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany
this release that reconcile (i) net income attributable to
Wynn Resorts, Limited to adjusted net income attributable to Wynn
Resorts, Limited, (ii) operating income to adjusted property
EBITDA, and (iii) adjusted property EBITDA to net income
attributable to Wynn Resorts, Limited.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share
data)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2015 2014 2015 2014
Operating revenues: Casino $ 692,098 $ 884,664 $ 2,932,419 $
4,274,221 Rooms 133,073 129,197 538,500 542,762 Food and beverage
119,768 128,025 597,080 604,701 Entertainment, retail and other
85,779 94,770 350,622 401,181 Gross
revenues 1,030,718 1,236,656 4,418,621 5,822,865 Less: promotional
allowances (83,816 ) (98,681 ) (342,738 ) (389,204 ) Net revenues
946,902 1,137,975 4,075,883 5,433,661
Operating costs and expenses: Casino 426,932 554,583 1,862,687
2,667,013 Rooms 37,446 36,099 149,009 148,338 Food and beverage
72,727 70,353 361,246 337,206 Entertainment, retail and other
38,878 38,729 157,432 163,754 General and administrative 112,247
125,833 464,793 492,464 Provision (benefit) for doubtful accounts
(2,151 ) 4,649 11,115 3,906 Pre-opening costs 25,190 15,354 77,623
30,146 Depreciation and amortization 77,201 80,082 322,629 314,119
Property charges and other 6,572 (3,237 ) 10,535
10,437
Total operating costs and expenses
795,042 922,445 3,417,069 4,167,383
Operating income 151,860 215,530 658,814
1,266,278 Other income (expense): Interest income 2,574
4,369 7,229 20,441 Interest expense, net of capitalized interest
(73,608 ) (78,993 ) (300,906 ) (315,062 ) Change in swap fair value
1,710 (2,942 ) (5,300 ) (4,393 ) Decrease in Redemption Note fair
value 4,553 — 52,041 — Loss on extinguishment of debt — (2,213 )
(126,004 ) (9,569 ) Equity in income from unconsolidated affiliates
1,755 176 1,823 1,349 Other (240 ) 223 1,550 (182 )
Other income (expense), net (63,256 ) (79,380 ) (369,567 ) (307,416
) Income before income taxes 88,604 136,150 289,247 958,862 Benefit
(provision) for income taxes 16,190 12,043 (7,723 )
3,782 Net income 104,794 148,193 281,524 962,644
Less: net income attributable to
noncontrolling interests
(17,573 ) (38,847 ) (86,234 ) (231,090 ) Net income attributable to
Wynn Resorts, Limited $ 87,221 $ 109,346 $ 195,290
$ 731,554 Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited: Basic $ 0.86 $
1.08 $ 1.93 $ 7.25 Diluted $ 0.86 $ 1.07 $ 1.92 $ 7.18 Weighted
average common shares outstanding: Basic 101,200 101,010 101,163
100,927 Diluted 101,459 101,935 101,671 101,931 Dividends declared
per common share $ 0.50 $ 2.50 $ 3.00 $ 6.25
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO
WYNN RESORTS, LIMITED
(in thousands, except per share
data)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31, 2015
2014 2015 2014 Net income attributable
to Wynn Resorts, Limited $ 87,221 $ 109,346 $ 195,290 $ 731,554
Pre-opening costs, net 19,395 11,927 62,305 22,613 Loss on
extinguishment of debt, net — 1,826 125,434 7,894 Change in swap
fair value, net (1,234 ) 2,124 3,826 3,175 Decrease in Redemption
Note fair value, net (3,756 ) — (42,934 ) — Property charges and
other, net 2,458 (2,778 ) 5,701 7,039 Adjusted net
income attributable to Wynn Resorts, Limited (2) $ 104,084 $
122,445 $ 349,622 $ 772,275 Adjusted net income
attributable to Wynn Resorts, Limited per diluted share $ 1.03
$ 1.20 $ 3.44 $ 7.58 Weighted average
common shares outstanding - diluted 101,459 101,935 101,671 101,931
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO
ADJUSTED PROPERTY EBITDA
AND ADJUSTED PROPERTY EBITDA TO NET
INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands)
(unaudited)
Three Months Ended December 31, 2015
MacauOperations
Las VegasOperations
Corporateand Other
Total
Operating income $ 78,912 $ 60,072 $ 12,876 $ 151,860 Pre-opening
costs 20,830 — 4,360 25,190 Depreciation and amortization 29,064
45,277 2,860 77,201 Property charges and other 1,983 2,260 2,329
6,572 Management and license fees 20,970 12,377 (33,347 ) —
Corporate expenses and other 4,755 4,922 7,116 16,793 Stock-based
compensation 3,554 720 3,806 8,080 Equity in income from
unconsolidated affiliates — 1,755 — 1,755
Adjusted Property EBITDA(1) $ 160,068 $ 127,383
$ — $ 287,451
Three Months Ended
December 31, 2014
MacauOperations
Las VegasOperations
Corporateand Other
Total Operating income $ 157,608 $ 51,619 $ 6,303 $ 215,530
Pre-opening costs 7,164 4,250 3,940 15,354 Depreciation and
amortization 32,814 45,530 1,738 80,082 Property charges and other
1,042 (4,279 ) — (3,237 ) Management and license fees 29,576 5,660
(35,236 ) — Corporate expenses and other 6,936 6,862 14,315 28,113
Stock-based compensation 6,084 1,569 8,787 16,440 Equity in income
from unconsolidated affiliates — 23 153 176
Adjusted Property EBITDA(1) $ 241,224 $ 111,234
$ — $ 352,458
Three Months Ended
December 31, 2015 2014 Adjusted Property
EBITDA(1) $ 287,451 $ 352,458 Pre-opening costs (25,190 ) (15,354 )
Depreciation and amortization (77,201 ) (80,082 ) Property charges
and other (6,572 ) 3,237 Corporate expenses and other (16,793 )
(28,113 ) Stock-based compensation (8,080 ) (16,440 ) Interest
income 2,574 4,369 Interest expense, net of capitalized interest
(73,608 ) (78,993 ) Change in swap fair value 1,710 (2,942 )
Decrease in Redemption Note fair value 4,553 — Loss on
extinguishment of debt — (2,213 ) Other (240 ) 223 Benefit for
income taxes 16,190 12,043 Net income 104,794 148,193
Less: net income attributable to noncontrolling interests (17,573 )
(38,847 ) Net income attributable to Wynn Resorts, Limited $ 87,221
$ 109,346
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO
ADJUSTED PROPERTY EBITDA
AND ADJUSTED PROPERTY EBITDA TO NET
INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands)
(unaudited)
Twelve Months Ended December 31,
2015
MacauOperations
Las VegasOperations
Corporateand Other
Total Operating income $ 386,255 $ 218,866 $ 53,693 $
658,814 Pre-opening costs 55,058 — 22,565 77,623 Depreciation and
amortization 130,565 181,981 10,083 322,629 Property charges and
other 4,568 3,480 2,487 10,535 Management and license fees 94,271
46,835 (141,106 ) — Corporate expenses and other 22,206 21,469
32,404 76,079 Stock-based compensation 15,700 2,792 19,794 38,286
Equity in income from unconsolidated affiliates — 1,743
80 1,823 Adjusted Property EBITDA(1) $ 708,623
$ 477,166 $ — $ 1,185,789
Twelve Months Ended December 31, 2014
MacauOperations
Las VegasOperations
Corporateand Other
Total Operating income $ 895,176 $ 270,489 $ 100,613 $
1,266,278 Pre-opening costs 21,956 4,250 3,940 30,146 Depreciation
and amortization 128,428 179,394 6,297 314,119 Property charges and
other 15,352 (4,915 ) — 10,437 Management and license fees 148,039
24,580 (172,619 ) — Corporate expenses and other 36,207 36,621
38,967 111,795 Stock-based compensation 12,924 4,342 21,888 39,154
Equity in income from unconsolidated affiliates — 435
914 1,349 Adjusted Property EBITDA(1) $ 1,258,082
$ 515,196 $ — $ 1,773,278
Twelve Months Ended December 31, 2015 2014
Adjusted Property EBITDA(1) $ 1,185,789 $ 1,773,278 Pre-opening
costs (77,623 ) (30,146 ) Depreciation and amortization (322,629 )
(314,119 ) Property charges and other (10,535 ) (10,437 ) Corporate
expenses and other (76,079 ) (111,795 ) Stock-based compensation
(38,286 ) (39,154 ) Interest income 7,229 20,441 Interest expense,
net of capitalized interest (300,906 ) (315,062 ) Change in swap
fair value (5,300 ) (4,393 ) Decrease in Redemption Note fair value
52,041 — Loss on extinguishment of debt (126,004 ) (9,569 ) Other
1,550 (182 ) Benefit (provision) for income taxes (7,723 ) 3,782
Net income 281,524 962,644 Less: net income attributable to
noncontrolling interests (86,234 ) (231,090 ) Net income
attributable to Wynn Resorts, Limited $ 195,290 $ 731,554
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win
per unit per day, ADR and REVPAR)
Three Months Ended December 31,
Twelve Months Ended December 31, 2015
2014 2015 2014 Macau Operations:
VIP Average number of table games 192 244 230 259 VIP
turnover $ 13,033,946 $ 20,653,190 $ 57,917,060 $ 108,077,342 Table
games win $ 339,033 $ 578,898 $ 1,659,683 $ 3,051,046 VIP win as a
% of turnover 2.60 % 2.80 % 2.87 % 2.82 % Table games win per unit
per day (a) $ 19,159 $ 25,807 $ 19,785 $ 32,258
Mass market
Average number of table games 249 202 228 202 Table drop (b) $
1,185,535 $ 1,330,694 $ 4,857,804 $ 5,517,382 Table games win $
228,581 $ 249,021 $ 951,458 $ 1,187,997 Table games win % 19.3 %
18.7 % 19.6 % 21.5 % Table games win per unit per day (a) $ 9,965 $
13,434 $ 11,431 $ 16,154 Average number of slot machines 737
666 708 679 Slot machine handle $ 1,069,297 $ 1,122,510 $ 3,961,115
$ 5,415,127 Slot machine win $ 50,373 $ 55,860 $ 191,164 $ 264,763
Slot machine win per unit per day (c) $ 743 $ 912 $ 740 $ 1,068
Room statistics Occupancy 96.3 % 98.6 % 96.5 % 98.4 %
ADR (d) $ 323 $ 332 $ 323 $ 333 REVPAR (e) $ 311 $ 328 $ 312 $ 327
Las Vegas Operations: Average number of table games
228 231 232 232 Table drop (b) $ 485,652 $ 639,028 $ 2,060,189 $
2,556,452 Table games win $ 139,273 $ 153,247 $ 490,920 $ 623,968
Table games win % 28.7 % 24.0 % 23.8 % 24.4 % Table games win per
unit per day (a) $ 6,651 $ 7,226 $ 5,786 $ 7,354 Average
number of slot machines 1,882 1,864 1,866 1,858 Slot machine handle
$ 730,733 $ 769,765 $ 2,969,327 $ 3,008,563 Slot machine win $
52,585 $ 47,380 $ 206,626 $ 186,458 Slot machine win per unit per
day (c) $ 304 $ 276 $ 303 $ 275
Room statistics
Occupancy 81.1 % 82.1 % 85.2 % 86.9 % ADR (d) $ 292 $ 271 $ 285 $
274 REVPAR (e) $ 237 $ 222 $ 243 $ 238 (a) Table games win
per unit per day is shown before discounts and commissions, as
applicable. (b) In Macau, table drop is the amount of cash that is
deposited in a gaming table’s drop box plus cash chips purchased at
the casino cage. In Las Vegas, table drop is the amount of cash and
net markers issued that are deposited in a gaming table’s drop box.
(c) Slot machine win per unit per day is calculated as gross slot
win minus progressive accruals and free play. (d) ADR is average
daily rate and is calculated by dividing total room revenue
including the retail value of promotional allowances (less service
charges, if any) by total rooms occupied including complimentary
rooms. (e) REVPAR is revenue per available room and is calculated
by dividing total room revenue including the retail value of
promotional allowances (less service charges, if any) by total
rooms available.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160211006132/en/
Wynn Resorts, LimitedMark Strawn,
702-770-7555investorrelations@wynnresorts.com
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