Wynn gains USD 1.6B in latest quarter revenue

The international IR brand earns 43% higher compared to the same quarter last year; casinos main driver of growth as major gaming cities Vegas and Macau continue their post-pandemic recovery; Wynn developments in both cities capitalize on growth.

Original story by YogoNet.com

Major US-based IR developer Wynn Resorts, Ltd., has announced its financial performance for the second quarter of 2023, with operating revenues of $1.6 billion, up $687 million from the same period last year. The casino operator saw an accelerated recovery in visitors to Macau in the quarter ended June 30, while a post-pandemic revenue surge in Las Vegas continued.

Craig Billings, Wynn CEO, said: “Our second quarter results reflect continued strength in North America and Macau. In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second-quarter record for Adjusted Property EBITDAR at our combined North American properties.”

“In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail, and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a ‘must see’ tourism destination in the UAE,” he added.

Wynn Resorts’ adjusted property EBITDAR for the second quarter of 2023 was $524.5 million, compared to $179.2 million for the same quarter in 2022. The company’s net income for Q2 was $105.2 million, a marked improvement from the net loss of $130.1 million it posted in 2022.

Breaking down revenue by segment, casinos were the main source of revenue with $913 million in total revenue, up by 153.9% from 2022. The figure was driven by the removal of all remaining Covid restrictions in Macau, which in turn allowed VIP and high-value customers to return to the Wynn Palace and Wynn Macau properties.

Rooms revenue was $276.5 million, up 37.4%; while food and beverage revenue was up 11.8% to $257 million. In addition, entertainment, retail, and other revenue climbed 26.4% to $149.3 million, which includes Wynn Interactive’s 27% rise in revenue to $25.9 million.

Learn more about Wynn Resort’s performance this quarter and see a more detailed breakdown of their drivers at the original story by .

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