Wynn Resorts posts 87.7% increase in operating revenue to $1.67bn
Operating revenue has grown steadily by quarter since this time last year, but Wynn has reported a loss for the first time in 2023.
Wynn Resorts has released its third quarter financial results showing an 87.7% increase in operating revenue year-on-year to $1.67bn. The luxury resort operator also managed to decrease its net loss annually from $142.9m to $116.7m; however, this is the first quarter of 2023 where Wynn has made a loss rather than profit.
During the third quarter of this year, Wynn has had highs and lows. In the month of July alone, Wynn Las Vegas received Travel + Leisure’s 2023 Best Vegas Hotel award, but the company’s former CEO and namesake, Steve Wynn, agreed to pay a $10m settlement due to sexual misconduct allegations.
In August, WynnBet became available in six more states (Arizona, Colorado, Indiana, Louisiana, Tennessee and Virginia), but later that same month WynnBet announced closure in eight out of its 12 US jurisdictions — including all six of the states where it had just recently launched, as well as New Jersey and West Virginia.
Paul Liu was also appointed to Wynn Resorts’ Board of Directors in August of 2023. Wynn Resorts’ most recent challenge surrounds ongoing negotiations with the Las Vegas culinary and hospitality union, Local 226 — with which MGM and Caesars have now reached tentative contract agreements.
Wynn Resorts’ Las Vegas operations make up the largest percentage of the quarter’s total operating revenue, increasing from $544.4m to $619m annually, while Encore Boston Harbor’s Q3 revenue decreased annually from $211.8m to $210.4m. Both Wynn Macau and Wynn Palace also saw an increase in revenue, but still came in under the Las Vegas sector total with $524.8m and $295m in Q3 revenue, respectively.
The total adjusted property EBITDAR for Q3 reached $530.4m, a large increase from $173.5m in the third quarter of the previous year. By sector: Las Vegas operations adjusted property EBITDAR increased 12.2% annually to $219.7m; Wynn Palace increased over 900% to $177m; Wynn Macau increased over 200% to $77.9m; and Encore Boston Harbor’s decreased about 1% to $60.5m.
However, even with the slight decrease in Boston Harbor’s result, Craig Billings, CEO of Wynn Resorts, commented, “Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for adjusted property EBITDAR at our combined North American properties.”
Billings also stated that the construction on the future UAE property, Wynn Al Marjan Island is “well underway.” Wynn Resorts and Related Companies have also teamed up to bid for a New York downstate casino license, and revised their bid in May to include affordable apartments and an office tower in addition to a gaming venue.
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