Wynn Resorts Reports 87.8% Increase in Revenues for Q3 2023

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Wynn Resorts has published its financial report for Q3 2023 revealing operating revenues of $1.67 billion/€1.56 billion, an 87.8% increase year-on-year.
According to the report, revenues grew by $782.2 million/€733.1 million from $889.7 million/€883.8 million reported in Q3 of 2022.  Net loss amounted to $116.7 million/€109.3 million for the reporting period, a decrease of 18.3% on the $142.9 million/€133.9 million reported in the corresponding period in 2022.
Meanwhile, Adjusted Property EBITDAR was $530.4 million/€497.07 million for the reporting period, compared to $173.5 million/€162.5 million for the third quarter of 2022.
For the third quarter of 2023, operating revenues at Wynn resorts and subsidiaries increased across the board with the exception of Encore Boston Harbor:

Wynn Palace up by $449.5 million/€421.2 million
Wynn Macau up by $254.6 million/€238.4 million
Las Vegas Operations up by $74.6 million/€69.8 million
Wynn Interactive up by $4.8 million/€4.5 million
Encore Boston Harbor down by $1.4 million/€1.3 million

Q3 Key Highlights
Group results

Operating revenues – $1.67 billion/€1.56 billion, up by 87.8%
Operating expenses – $1.60 billion/€1.5 billion, up by 69.8%
Operating income – $62.5 million/€58.5 million (Q3 22 loss $52.9 million/€49.5 million)
Net income loss – $116.7 million/€109.2 million, down 18.3%
Net income loss per share – $1.03/€0.96
Adjusted Property EBITDAR – $530.4 million/€496.6 million, up 205.7%

Individual resort and subsidiary operating incomes (losses)

Wynn Palace – $92.4 million/€86.5 million
Wynn Macau – $40.06 million/€37.5 million
Other Macau – ($5.4 million/€5.05 million) loss
Las Vegas Operations – $122.2 million/€114.4 million
Encore Boston Harbor – ($19 million/€17.8 million) loss
Wynn Interactive – (208.9 million/€195.6 million) loss

Speaking of the latest results, Craig Billings, CEO of Wynn Resorts said:
“Our third quarter results reflect continued strength across our property portfolio. Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers. In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE.”

Ciaran McEneaney Gambling industry analyst with over a decade of experience working with some of the biggest names in the sports-betting, gambling, poker & casino industry.

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