Wynn reports revenue of $1.6bn in Q2 2023 report
Wynn Resorts records 193% rise in EBITDA in Q2 2023, totalling $524.5m.
Key stats:
– Wynn’s operating revenue hits $1.6bn
– The Wynn Palace in Macau records $80.3m in operating income
– Adjusted property EBITDA is 193% up on Q2 2022
Wynn Resorts has posted its Q2 results, showing that it made $1.6bn in total operating revenue, a significant increase on Q2 2022’s $908.8m.
Breaking down its revenue, its casino division brought in $913m – up on Q2 2022’s casino revenue of $359.6m – a figure that grew due to the relaxation and end of China’s zero-Covid policy in Macau, meaning both of Wynn’s casinos in the Chinese gambling province saw huge influxes in footfall.
The Wynn Palace in Macau made $80.3m in operating income for Q2 2023, where it saw a $107.7m loss in Q2 2022 – while, at the Wynn Macau, it recorded $47.3m in operating income, significantly up on the $73.5m loss it made during the same period the year prior.
Meanwhile, the other divisions also saw increases, though these were more marginal. Rooms went up by circa $75m, food & beverage rose by around $28m and entertainment by approx. $31m.
Furthermore, looking at its Q2 2023 adjusted property EBITDA, Wynn recorded a figure of $524.5m, a 193% increase on Q2 2022’s $179.1m.
Overall, Wynn’s net income for Q2 2023 stood at $127.8m – which is a significant improvement on the $213.4m loss it made in the same period last year.
Looking at the company’s share price, at the time of writing, it stands at $101.55. For the year so far, Wynn has remained steady (for the most part), with the company’s share price starting the year on January 3 at $85.61 – while the high came on 3 March at $115.83.
Wynn Resorts also confirmed it is excited to begin construction on Wynn Al Marjan Island in the UAE.
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