Wynn Resorts has published its fourth quarter and end-of-year results for 2023. The company’s operating revenue during the fourth quarter reached $1.84bn.
Net income in Q4 totaled $729.2m, more than 20 times what the company posted a year ago. Wynn Resorts attributed the substantial boost in net income to “increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets.”
Adjusted EBITDAR reached $630.4m during the fourth quarter.
Operating revenue for the fiscal year nearly doubled when compared to the previous year’s results. The company posted operating revenue of $6.53bn. Wynn reported significant revenue increases at its Wynn Palace, Wynn Macau, Las Vegas, Encore Boston Harbor and Wynn Interactive operations.
Company CEO Craig Billings further discussed the recent report by saying, "The strong momentum we built throughout 2023 continued during the fourth quarter with adjusted property EBITDAR reaching a new all-time record.
“These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau.”
Billings also gave an update on the company’s latest building project.
He said in closing, "On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower.
“We are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the company, and we will continue to focus on driving long-term returns for shareholders."
