Casino operator Wynn Resorts has reported that its revenue for Q1 2023 was $1.42bn, up 49% from 2022’s Q1 results.
Following this, adjusted property EBITDAR was $429.7m for the first quarter of 2023, an increase of 142% year-on-year.
Last year's Q1 saw Wynn Resorts at a net loss of $183.3m, it has since bounced back with a net income of $12.3m for Q1 2023.
The company also stated that its cash and cash equivalents as of March 31 2023 totaled $3.84bn.
In comparison to Bally’s, Wynn Resorts has seen a huge increase in revenue, with a 49% increase compared to Bally’s 9% rise. Furthermore, Wynn’s EBITDAR has increased by 142% leading to a decreased (potential) profit due to high costs; however, Bally’s only saw a 10% increase in EBITDAR but reported a significant rise in net income.
Wynn Resorts' revenue has seen a significant increase due to the Covid-19 rules being more relaxed in Macau, meaning it has been able to reach more players in comparison to last year.
This also partly explains the switch from a loss to a profit. EBITDAR has grown, with net income also increasing, reversing itself from a net loss to a net profit.
Craig Billings, CEO of Wynn Resorts, said: "For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team's relentless focus on delivering five-star hospitality and experiences to our guests."
