Wynn Resorts first quarter results top expectations

Casino and resort company Wynn Resorts Limited reported results for the first quarter of 2023 with operating revenues of $1.42 billion, a significant increase of $470.3 million compared to the first quarter of the previous year. This surge in revenue confirms the oingoing performance of  Wynn Resorts’ resorts and the group’s success in the sector.

Net income attributable to Wynn Resorts, Limited for the first quarter of 2023 was $12.3 million, a significant rise from the net loss of $183.3 million in the same period of 2022. Diluted net loss per share for the first quarter of 2023 was $0.02, compared to diluted net loss per share of $1.59 in the first quarter of the previous year. These positive show that the company has managed to turn its financial situation around and generate profitability.

Significant growth in EBITDAR

The Adjusted Property EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) for the first quarter of 2023 was $429.7 million, a remarkable increase of 142.0 percent compared to $177.6 million in the first quarter of 2022. This growth in EBITDAR can be attributed to the strong performance of Wynn Resorts’ properties in Las Vegas, Macau, and Boston Harbor.

Craig Billings, the CEO of Wynn Resorts, Limited, expressed his satisfaction with the company’s results. He also highlighted the success of their properties in the United States, particularly Wynn Las Vegas and Encore Boston Harbor, which achieved a new all-time record for Adjusted Property EBITDAR.

Further growth expected in Macau

In Macau, Wynn Resorts experienced a significant increase in visitation and demand, especially in their mass gaming and retail businesses. The company believes it is well-positioned for success in the next phase of growth in Macau.

Furthermore, the Board of Directors of Wynn Resorts announced the resumption of their quarterly dividend program, reflecting the company’s strong financial performance, robust liquidity position, and commitment to returning capital to shareholders. A cash dividend of $0.25 per share will be payable on June 6, 2023, to stockholders of record as of May 23, 2023.

Wynn Resorts’ financial results demonstrate a remarkable recovery from the challenges faced in previous years, during and post pandemic. With the company’s resorts generating strong revenues and a positive outlook for future growth, the company is poised for continued success in the global gaming and integrated resorts industry.

Wynn Las Vegas, in particular, reported a new all-time high for adjusted property cash flow, supported by a thriving consumer base. Despite challenges such as high inflation, interest rates, and difficult year-over-year comparisons, Wynn Resorts delivered exceptional results. The company reported a net income of $12.3 million for the quarter, compared to a net loss of $183.3 million in the same period last year. Wynn Resorts expressed confidence in its future performance, citing a strong pipeline in forward group demand, favourable room pricing, healthy casino play, and a promising programming calendar.

Wynn Resorts trades on the NASDAQ at 101.30  (-0.02 -0.02 percent)

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