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May 11, 2022 Casino, Land Based, Results

Revenue grows by $216m for Wynn Resorts in Q1

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The company’s Las Vegas operations played a central role in this growth.

As the nation’s land-based industry continues to recover from a difficult two years, Wynn Resorts has posted positive Q1 2022 numbers. 

Operating revenues were up for the gaming stalwart, increasing by $216.7m when compared to Q1 2021 to reach $953.3m. 

Losses also fell during the period, with net loss attributed to Wynn Resorts coming in at $183.m compared to 2021’s $281m. 

Rounding out this positive set of results, adjusted property EBITDA grew by almost $120m to reach $177.6m. 

"Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams' unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties," noted Craig Billings, CEO of Wynn Resorts.

In terms of specific regions for the operator, Las Vegas played a key role in the growth experienced during Q1. Revenues for the brand’s Vegas operations were up by $262.5m year-on-year, reaching $441.2m. 

The company’s Boston operations also saw a boost, with Encore Boston Harbor revenue coming in at $190.8m. Table games win percentage at the property during the quarter was 22.2%. 

While these results were mostly positive for the operator, the period was not without its problems. During Q1, reports emerged that Wynn, due to rising customer acquisition costs and competition, was considering pulling out of the sports betting game. 

Presently, it remains to be seen as to whether the operator will act on these concerns. 

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