For Q4 2021, the group reported year-on-year increases of $321.4m and $100.1m at its Las Vegas Operations and Encore Boston Harbor respectively. For Wynn Palace and Wynn Macau, revenues declined by $27.5m and $50.2m respectively.
Adjusted property EBITDA for the period was $149.1m, compared to $69.8m in Q4 2020. At the group’s Las Vegas Operations and Encore Boston Harbour, Adjusted Property EBITDA increased by $165.1m and $51.6m respectively. Again for Wynn Palace and Wynn Macau, there was a decline of $30.1m and $35.2m respectively.
Net loss attributable to Wynn Resorts was $177.2m for Q4 2021, compared to net loss attributable to the company of $269.5m for Q4 2020, meaning the operator was able to significantly reduce its losses for 2021.
A statement from Wynn Resorts read: “In response to the initial outbreak of Covid-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened.
“Given the evolving conditions created by and in response to the Covid-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments with respect to Covid-19, and management continues to be unable to reasonably estimate the impact of such developments to the company’s future results of operations, cash flows, or financial condition.”
For the year ended 31 December 2021, operating revenues for the group increased by 80% to $3.76bn.
“I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted Property EBITDA at both properties during the fourth quarter,” said Wynn Resorts CEO Craig Billings.
“Our relentless focus on five-star hospitality and world-class experiences allowed us to further extend our leadership positions in Las Vegas and Massachusetts in 2021. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”
