Wynn Resorts sees 80% revenue increase for 2021 as losses reduce
The operator has also released its financial results for the final quarter of 2021.
Gaming stalwart Wynn Resorts has released its financial results for the fourth quarter of 2021, as well as the financial numbers for the year as whole.
Revenue for Q4 came in at $1.05bn, an increase of $367.1m or 53.5% when compared to the prior year period. Meanwhile, the company recorded losses of $177.2m, an improvement of almost $100m from Q4 of 2020.
Adjusted property EBITDA for the quarter was $149.1m, over double the number recorded in the last quarter of 2020.
Craig Billings, CEO of Wynn Resorts, was positive when speaking on these developments.
He said: “I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted Property EBITDA at both properties during the fourth quarter.
“Our relentless focus on five-star hospitality and world class experiences allowed us to further extend our leadership positions in Las Vegas and Massachusetts in 2021. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”
Similarly to quarterly growth, the yearly numbers also saw a healthy increase. Yearly operating revenues grew from $1.67bn to $3.76bn, in part due to the United States’ recovery from the Covid-19 pandemic.
Broken down by property, the operator’s Las Vegas and Boston Harbor operations saw revenues grow, coming in at $321.4m and $100.1m respectively. Meanwhile, revenue fell at both the Wynn Palace and Wynn Macau.
Losses fell dramatically in 2021, a fact that can mostly be attributed to the opening up of casinos following 18 months of lockdowns. Indeed, losses for the year were $755.8m compared to $2.07bn in 2020.
As the year came to a close, Billings reflected on some of the projects Wynn has undertaken throughout the last 12 months.
He added: “On the development front, we were excited to announce our plans to develop and manage a luxury integrated resort in the UAE, along with our partners, Marjan and RAK Hospitality Holding. The project further diversifies our business, extending our brand into the Middle East and Europe. We look forward to creating the experiences for which Wynn Resorts is renowned, and contributing to tourism and employment growth in the region.”
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