Wynn Resorts has released its financial results for the fourth quarter and full year ending 31 December 2023, reporting growth in operating revenues and net income compared to the previous year.
For Q4 2023, Wynn Resorts recorded operating revenues of $1.84bn, marking an increase of 83.55% from the same period in 2022, which stood at $1.00bn.
Net income attributable to Wynn Resorts surged to $729.2m for Q4 2023, compared to $32.4m for the corresponding period in 2022, reflecting a 2,148.15% increase.
This increase in net income was primarily attributed to heightened operating revenues from Macau Operations and Las Vegas Operations, alongside an income tax benefit related to the release of valuation allowance on certain deferred tax assets.
Diluted net income per share rose to $6.19 for Q4 2023, from $0.29 in the fourth quarter of 2022, indicating an increase of 2,034.48%. Adjusted Property EBITDAR for Q4 2023 stood at $630.4m, representing an increase of 223.32% from $195.1m in Q4 2022.
Craig Billings, Wynn Resorts CEO, commented: "The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau."
Billings further added: "On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."
For the full year ending 31 December 2023, Wynn Resorts reported operating revenues of $6.53bn, an increase of $2.78bn from the previous year, reflecting a growth of 74.76%.
Net income attributable to Wynn Resorts for the year reached $730.0m, compared to a net loss of $423.9m in 2022.
Adjusted Property EBITDAR for the year surged to $2.11bn, from $725.4m in 2022, representing an increase of 190.72%.
The company's Board of Directors declared a cash dividend of $0.25 per share, payable on 29 February 2024, to stockholders of record as of 20 February 2024.
Wynn Resorts stock prices currently stand at $90.65, representing a marginal decrease from previous trading sessions.
This performance follows previous reports of growth, with increases in Macau operating revenue and overall adjusted property EBITDAR in Q3 2023.
