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.
John Sommers is a distinguished figure in the world of gambling expertise, known for his deep knowledge and insightful analysis of the gaming industry. As a seasoned author, he has contributed extensively to the reputable gambling news site, TwinCasinos, focusing on providing valuable insights to English-speaking gamblers worldwide.
With a career spanning over a decade, John has honed his expertise in various aspects of gambling, from strategic gameplay to industry trends and regulatory developments. His articles are revered for their blend of comprehensive research, astute observations, and a knack for demystifying complex concepts for both novice and seasoned players.
Beyond his writing prowess, John has established himself as a trusted authority, often sought after for his expert commentary on the ever-evolving landscape of the casino and betting industry. His passion for responsible gambling and commitment to ensuring players make informed choices are evident in his work, making him a beacon of integrity in an industry that demands such values.
Whether you’re a casual gambler or a dedicated enthusiast, John Sommers’ contributions to TwinCasinos promise to be an invaluable resource for navigating the dynamic world of gambling.
Latest posts by John Sommers (see all)
Recent Comments