Wynn Resorts reports 29% revenue increase for Q1 2022

By Peter Lynch

Wynn Resorts has reported operating revenue of $953.3m for the first quarter of 2022, a 29% increase from the first quarter of 2021.

The group noted that its Macau Operations for Q1 2022 continued to be negatively impacted by certain travel-related restrictions amid the ongoing pandemic, including Covid-19 testing and other mitigation procedures.

Operating revenue for Wynn Palace was $163.3m for the period, with Wynn Macau posting revenue of $135.1m.

Wynn’s Las Vegas Operations meanwhile posted revenue of $441.2m for the period, with adjusted property EBITDA of $159.4m. And Encore Boston Harbor revenue amounted to $190.8m, with adjusted property EBITDA amounting to $55.3m.

Net loss attributable to the operator was $183.3m for Q1 2022, compared to $281m in the prior-year period. And adjusted EBITDA was $177.6m for the period, compared to $58.9m in the prior-year period.

Casino represented the majority of total revenue with $489.9m, followed by Food and Beverage at $174m. Rooms and Entertainment, retail and other represented totals of $170.4m and $119m respectively.

“Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams’ unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for adjusted property EBITDA at both properties,” said Wynn Resorts CEO Craig Billings.

“In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside.”

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