Wynn Resorts reports $144.2m of net income for Q1 2024
The company saw operating revenue increases for all properties.
Wynn Resorts has announced financial results for the first quarter of 2024, reporting increases in operating revenue, net income and adjusted property EBITDAR year-over-year.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with adjusted property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets,” Wynn Resorts CEO Craig Billings said.
“On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE. We are excited about the outlook for the company, and we believe we are well positioned to deliver continued long-term growth.”
As Billings commented, Wynn Resorts will be opening a new destination, Wynn Al Marjan Island, hoping to open for guests in 2027. The company released renderings of the new resort on May 6.
Operating revenues in the first quarter of 2024 were $1.86bn, an increase of $439.2m from the comparable quarter. The company also saw an increase in net income, going from $12.3m in Q1 2023 to $144.2m this year.
Adjusted property EBITDAR reached an all-time high of $646.5m, a 50.5% increase from the reported $429.7m in Q1 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023.
Each of Wynn Resorts’ current properties managed to see increases in operating revenue as well. Wynn Palace reported a 58.8% increase from Q1 2023, totaling $586.9m for this year’s first quarter. Wynn Macau reported an operating revenue of $411.7m for Q1 2024 compared to $230.7m in the first quarter of 2023.
The company’s Las Vegas operations reported operating revenues of $636.5m, the most of any of Wynn Resorts’ locations and an increase of 8.5% from Q1 2023. Finally, Encore Boston Harbor had an operating revenue of $217.8m, a small increase of $1.5m from the comparable quarter.
For the first quarter of 2024, adjusted property EBITDAR increased $91.3m, $92.4m and $14.7m at Wynn Palace, Wynn Macau and the Las Vegas Operations, respectively, but decreased $300k from the first quarter of 2023 at Encore Boston Harbor.
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