Wynn Resorts reported its Q2 2023 results, revealing a total revenue of $1.6bn for the quarter ended June 2023; a year-over-year increase of 76%.
Breaking down the revenue, accounting year-over-year for all results, Wynn Palace in Macau made $468.4m, an increase of 698%. Wynn Macau garnered $301.6m, up 415%. Las Vegas Operations brought in $578.1m, up 3%. Encore Boston Harbor made $221.9m, up 9%. Wynn’s Interactive revenue wasn’t mentioned in the report, but it did announce it had increased by $5.5m.
The graph shows the total revenues across all venues at Wynn.
Still as popular as ever, slot handle increased at every venue. In Q2 2023, Wynn Palace saw a 344% increase to $579.6m. Wynn Macau made $519.8m, an increase of 161%. Las Vegas operations made a slight increase of 14% to $1.52bn and Encore Boston Harbor saw a slight increase of 8% to $1.3bn.
Wynn Macau's reports proved that it has been recovering well post-Covid-19 restrictions and year-over-year, casino revenue has risen to $243m up 508%, rooms revenue has gone up 444% to $26.1m, food and beverage has increased 183% to 14.7m and entertainment, retail and other also increased to $17.8m, up 107%. Also, Wynn Macau’s VIP turnover increased 361% to $1.39bn year-over-year.
Despite operating revenue increasing, operating expenses also increased from $960.9m to $1.35bn and casino expenses more than doubled from $244.1m in Q2 2023 to $543.6m in Q2 2023.
However, net income has largely improved, increasing from minus $130.1m to a positive $105.2m.
Year-over-year, adjusted property EBITDAR improved overall, except Las Vegas operations which saw a slight dip in comparison. Total adjusted Property EBITDAR was $524.5m for the second quarter of 2023, an increase of $345.3m compared to adjusted property EBITDAR of $179.2m for the second quarter of 2022.
Wynn Palace’s EBITDAR went up from minus $50m to a positive $156.6m, total Macau operations rose from minus $90.3m to $246.2m; Las Vegas operations went down a little from $226.7m to $224.1m; Encore Boston Harbor increased slightly from $63.7m to $69.1m and Wynn Interactive’s EBITDAR increased from minus $21m to minus $15m.
The graph shows EBITDAR across the different Wynn segments.
Total current and long-term debt outstanding in Q2 2023 was $12.1bn, comprising $6.73bn of Macau-related debt, $2.65bn of Wynn Las Vegas debt, $2.15bn of WRF debt, and $613.8m of debt held by a retail joint venture.
Overall, the company showed huge growths in revenue across each venue and managed to recoup its loss; turning it into a profit year-on-year. Wynn's Macau venture has also rapidly recovered from its Covid-19 hold-back and, across the board, there have been huge percentage increases; proving Wynn is definitely on a winning streak right now.
Craig Billings, CEO of Wynn Resorts, said, "Our second quarter results reflect continued strength in North America and Macau. In the US, Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties.
“In Macau, the post-Covidrecovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a 'must see' tourism destination in the UAE."
