Wynn Resorts has reported robust financial performance for the first quarter of 2024, with operating revenues reaching $1.86bn, a significant increase of $439.2m compared to the same period in 2023.
The report sees significant growth in operating revenues and adjusted property EBITDAR for its properties, Wynn Palace and Wynn Macau, during the first quarter of 2024.
At Wynn Palace, operating revenues surged to $586.9m, an increase of $217.5m from the same period in 2023, while adjusted property EBITDAR reached $202.4m, up from $111.1m in Q1 2023. Similarly, Wynn Macau saw operating revenues rise to $411.7m, a rise of $181m from Q1 2023, with adjusted property EBITDAR reaching $137.2m, compared to $44.7m in the previous year. Table games win percentages in both mass market and VIP operations exceeded previous quarters, indicating positive performance across segments.
Net income attributable to Wynn Resorts amounted to $144.2m for Q1 2024, a substantial rise from $12.3m in Q1 2023, translating to diluted net income per share of $1.30 compared to a diluted net loss per share of $0.02 in the previous year. Adjusted net income attributable to Wynn Resorts also witnessed a marked increase, reaching $176.8m, or $1.59 per diluted share, for Q1 2024, compared to $33.3m, or $0.29 per diluted share, in Q1 2023.
Wynn Resorts also sees an adjusted property EBITDAR of $646.5m for the first quarter of 2024, a notable increase of $216.8m compared to the same period in 2023.
CEO Craig Billings attributes this success to ongoing investments in properties, team and unique programming, reinforcing their leading position in various markets. Construction progress on the hotel tower at Wynn Al Marjan Island in the UAE signifies promising developments, with the resort poised to become a prime tourism attraction. Billings expresses confidence in the company's future, emphasizing their readiness to sustain long-term growth.
The growth is evident at Wynn Palace, Wynn Macau and Las Vegas Operations, where adjusted property EBITDAR surged by $91.3m, $92.4m, and $14.7m, respectively, while slightly dipping at Encore Boston Harbor.
Additionally, the company's Board of Directors has declared a cash dividend of $0.25 per share, scheduled for payment on May 31, 2024, to stockholders of record as of May 20, 2024.
