Wynn Resorts reports 8.1% year-over-year increase in total operating revenue for Q2 2024
Revenues from the company’s Macau and Las Vegas operations both increased, with only Encore Boston Harbor seeing a decrease from the prior year period.
Wynn Resorts, Limited (Wynn Resorts) has released the company’s financial results for the second quarter of 2024, including revenues generated by properties in Macau, Las Vegas and Boston.
Total operating revenue was $1.73bn for the second quarter of 2024, an increase of 8.1% from the prior year period. Net income attributable to Wynn Resorts was $111.9m for the Q2 2024, an increase of 6.4% from what the company reported during the second quarter of 2023.
Adjusted property EBITDAR also increased during the second quarter of 2024, rising just under 9% year-over-year for a total of $571.7m. The total sets a new record for any second quarter during the company’s history.
“Our second quarter results, including a new second quarter record for adjusted property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston,” Wynn Resorts CEO Craig Billings said.
“Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace. During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan.”
Operating revenue from Wynn Palace in Macau was $548m for the second quarter of 2024, increasing just under 17% year-over-year. Adjusted property EBITDAR from Wynn Palace was $184.5m for the second quarter of 2024, an increase of nearly $30m from Q2 2023.
Wynn Macau increased its operating revenue by nearly 12% year-over-year, reporting a total of $337.3m for the second quarter of 2024. Adjusted property EBITDAR also increased slightly, generating $95.9m during Q2 2024 for an increase of 7.03% from the prior year period.
Encore Boston Harbor was the only property under Wynn Resorts to see a decrease in both operating revenue and adjusted property EBITDAR. With a decrease of 4.2% year-over-year, the property’s operating revenue during the second quarter of 2024 was $212.6m. Adjusted property EBITDAR decreased just over 10% year-over-year for a total of $62.1m for Q2 2024.
Las Vegas operations produced an increase in revenue like Macau, reporting a total of $628.7m during the second quarter of 2024 for a rise of 8.75% year-over-year. Adjusted property EBITDAR from Las Vegas operations for the second quarter of 2024 was $230.3m, an increase of just over $6m from the prior year period.
During the second quarter of 2024, the company contributed $356.5m of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing life-to-date cash contributions to the project to $514.4m.
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