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November 10, 2022 Online, Land Based, Finance, Results

Wynn Resorts Q3 revenue drops by 11%

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Its Macau casinos continue to underperform, with Wynn Macau operating revenue decreasing by $106.1m.

Wynn Resorts has announced its Q3 results, reporting an 11% annual decline in revenue to $899.7m. Las Vegas Operations accounted for most of its total revenue, arriving at $544.4m followed by Encore Boston Harbour which posted $211.8m.

The company’s Asian operations continued to hinder overall performance as Wynn Palace and Wynn Macau generated $75.2m and $40.4m respectively. Wynn noted that these revenue results were hampered by forced closure for 12 days in July (in response to an outbreak of Covid-19).

Operating revenues for Q3 increased by $68.4m and $19.6m for the company’s Las Vegas Operations and Encore Boston Harbour, respectively. This is compared to an increase of $289.3m and $75.5m in the third quarter of 2021, so it represents a notable drop-off.

In Macau meanwhile, operating revenue decreased by $106.1m and $90.3m at Wynn Palace and Wynn Macau, respectively, from Q3 of 2021.

Adjusted EBITDA rose by $12.3m and $85.8m at Wynn’s Las Vegas Operations and Wynn Interactive. However, it declined $41.9m, $33.9m and $3.4m at Wynn Macau, Wynn Palace and Encore Boston Harbor, from the third quarter of 2021.

Wynn Resorts CEO Craig Billings commented: “Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for adjusted property EBITDA at our combined North American properties.

“Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts.

“In Macau, while Covid-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time.”

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