Wynn Resorts released its Q3 2023 report, having experienced overall net revenue growth and significant growth in Macau. Operating revenues in Q3 2023 totalled $1.67bn from $889.7m last year. At an 88% increase, Wynn Resorts was able to almost double its revenue.
Breaking down financial results by region, Macau operations were able to pull ahead of Las Vegas operations, earning $127.1m in Q3 2023 compared to $122.3m for Las Vegas operations by adjusted property EBITDAR. Despite this, Boston operations and Wynn Interactive were both down, with Wynn Interactive having made the most significant drop from a loss of $27.1m last year to a loss of $209m.
Growth was also the most significant for Macau operations, going from a loss of $162.7m in Q3 2022 to $127.1m in 2023. This reflects an overall growth of 178%.
Across Macau, following the lifting of many Covid-19 restrictions, businesses have been thriving, returning to and even surpassing 2019 revenue numbers. MGM China, for example, saw an overall net revenue increase of 829% in Q3 2023 to Q3 2022.
MGM Resorts, however, also reported minor revenue falls in the US. This was partly reflected in Wynn’s Encore Boston Harbor results, showing strength in Asian markets and some instability in segments of the US market.
Overall adjusted property EBITDAR went from $173.5m to $530.6m in Q3 2023, which is a growth of 206%.
Current Wynn Resort stock prices sit at $90.65, a drop of 2.4% from end-of-day trade on 9 November. Current stock prices present a middle ground price compared to the all-time high and all-time low of trade in the past month, which has fluctuated between $86.72 on the low end and $95.14 on the high end.
