Wynn Resorts reports record-breaking year and Q4 results

Wynn Resorts reports record-breaking year and Q4 results

Wynn Resorts announced that its fourth-quarter revenue generation was exceedingly encouraging, reaching $1.84 billion. This represented an increase of $835.5 million compared to the fourth quarter results of 2022. The net income was $729.2 million, as opposed to the $32.4 million that was the case on an annual basis.

The credit for this went to the rise in revenue collection pertaining to Wynn’s Macau and Las Vegas businesses, along with an income tax benefit the company received via the offering of a valuation allowance on specified deferred tax assets by gaining continued profits in the US. 

In comparison to the same period in 2022, when adjusted property EBITDAR was $195.1 million, the current quarter’s figure of $630.4 million is an improvement.

Based on the latest casino news, Craig Billings, chief executive officer of Wynn Resorts, asserts that the catalyst applied throughout 2023 remained unchanged during the fourth quarter, whereas EBITDAR experienced an extraordinary surge. According to his assessment, this resulted from the resort’s provision of deluxe hospitality-related elements.  

Operating revenue for Wynn Palace, Wynn/Encore Las Vegas, Wynn Macau, and Wynn Interactive increased from the same period in 2022 by $411.3 million, $111.3 million, $309 million, and $5.1 million, respectively, in the fourth quarter of 2023. There was a $1.2 million drop in Encore Boston Harbor. 

A year-over-year increase in adjusted property EBITDAR for the fourth quarter of 2023 was as follows: Wynn Palace, Wynn Macau, Wynn/Encore Las Vegas, Wynn Interactive, and Encore Boston Harbor, each by $195.1 million, $161 million, $51.5 million, $26.5 million, and $1.1 million.

Operating revenue for the year 2023 amounted to $6.53 billion, an increase from $3.76 billion in 2022. In comparison to 2022, the following increased in revenue: Wynn Palace by $1.48 billion, Wynn Macau by $902.3 million, Wynn/Encore Las Vegas by $348.5 million, Encore Boston Harbor by $34.7 million, and Wynn Interactive by $13 million. 

In 2023, adjusted property EBITDAR was $2.11 billion, up from $725.4 million the previous year. Wynn Palace, Wynn Macau, Wynn/Encore Las Vegas, Wynn Interactive, and Encore Boston Harbor all had increases in adjusted property EBITDAR of $712.4 million, $462.1 million, $145.1 million, $55.8 million, and $14 million, respectively.

In terms of development, the construction of Wynn Al Marjan Island is currently underway. The majority of the tasks associated with the hotel tower and podium foundation have been completed, and construction of the hotel tower is about to commence. 

Additionally, Wynn Resorts disclosed today that its board of directors declared a cash dividend of $0.25 per share. This dividend will be paid to stockholders of record as of February 20, 2024, on February 29.

Author: Albert Turner