Wynn Resorts Q3 revenue down 11%
Wynn Resorts has reported revenue of $899.7m for the third quarter of 2022, an 11% decline from the prior-year period.
Representing the majority of total revenue was the company’s Las Vegas Operations with $544.4m, followed by Encore Boston Harbour with $211.8m.
For Macau, revenue totalled $75.2m and $40.4m at Wynn Palace and Wynn Macau respectively. Wynn noted that its casino operations at both properties were closed for a 12-day period in July 2022 in response to an outbreak of Covid-19.
For the third quarter of 2022, operating revenues increased $68.4m and $19.6m at the group’s Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $106.1m and $90.3m at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.
Net loss attributable to Wynn Resorts was $142.9m for Q3 2022, compared to net loss of $166.2m for Q3 2021. Adjusted property EBITDA amounted to $173.5m for the period, a 12% increase from the prior-year period.
For the third quarter of 2022, adjusted property EBITDA increased $12.3m and $85.8m at Wynn’s Las Vegas Operations and Wynn Interactive, respectively, and decreased $33.9m, $41.9m and $3.4m at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2021.
“Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for adjusted property EBITDA at our combined North American properties,” said Wynn Resorts CEO Craig Billings.
“Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts.
“In Macau, while Covid-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time.”
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