Wynn Resorts reports $624m revenue increase in Q3 results
These numbers come amid a key leadership change within the company.
Wynn Resorts has today released its financial results for the period ending September 30, 2021. Q3 has seen operating revenues grow by $624.2m, increasing from $370.5m in 2020 to $994.6m this year.
The quarter has also seen the operator reduce its net losses, with them falling to $166.2m compared to $758.1m in the third quarter of 2020.
The company’s Las Vegas operations have seemingly bounced back from a difficult 2020, reporting revenues of $476m this quarter, an increase of $289.3m. Meanwhile, adjusted EBITDA for the area was $183.4m.
The table game win percentage for Wynn’s Las Vegas properties was 21.4%, falling short of the company’s expected range of 22-26%.
Concurrently, revenues from Encore Boston Harbor were $199.2m, a $75m year-on-year increase. Adjusted EBITDA for the property grew by almost $40m, coming in at $64.4m. Unlike the operator’s Las Vegas properties, table win percentage fell within the expected parameters at Encore, reaching 21.4%.
“We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter,” said Matt Maddox, the outgoing CEO of Wynn Resorts, Limited.
“With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022.”
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