Wynn Resorts reports $1.42bn in Q1 revenue
The casino operator sees a renewed interest in Macau, as well as growth in US properties, in profitable first quarter.
Wynn Resorts has released its financial statement for Q1 of 2023, posting a 49% increase in revenue year-on-year, reaching $1.42bn. The casino operator has seen an increase in operating revenue in all properties.
Of Wynn Resorts’ total $1.42bn operating revenue, $767m was attributed to casino revenue specifically, with $272.5m coming from hotel rooms, $232.6m from the food and beverage sector and $151.5m made from entertainment, retail and other areas.
The operating income for Q1 reached $169.5m, a 279% increase from an operating loss made in the first quarter of 2022. Net income achieved this quarter was $12.3m, compared to a net loss of $183.3m in 2022’s Q1.
Adjusted property EBITDAR reached $429.7m, up 142% year-on-year. The largest EBITDAR increase was a rise of $111.9m for Wynn Palace.
Craig Billings, CEO of Wynn Resorts, said: “In the US, Wynn Las Vegas and Encore Boston Harbor are firing on all cylinders, generating a new all-time record for adjusted property EBITDAR at our combined North American properties during the quarter.
“In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses.”
Wynn has recently announced a new $3.9bn project, Wynn Al Marjan Island, which will be located in Ras Al Khaimah in the United Arab Emirates. Last week, Thomas Schoen was appointed President of Al Marjan Island, which is expected to open in 2027.
Wynn Resorts has also partnered with Related Companies to bid for one of three potential New York City casino licences, to be awarded early next year.
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