Wynn Resorts Generates Record Q1 Revenue amid Expansion Plans
Craig Billings, the chief executive of Wynn Resorts, has said that the operator is looking at opening casinos in New York and Thailand following a record Q1.
Wynn Resorts release record revenue figures for Q1 of 2024.
LISTEN TO THIS ARTICLE:The company’s Q1 revenue was $1.86 billion, an increase of 30.8% from last year, and the group saw year-on-year revenue in three of its four core areas: casino, food and beverages, and rooms. Furthermore, revenue grew in each operating segment, Macau, Las Vegas and Boston.
Macau Leads the Way in Q1
The biggest growth was in Macau where revenue was up 78.5% at Wynn Macau and 58.9% at Wynn Palace following the removal of all Covid-19 restrictions in January 2023. Las Vegas revenue was up 8.5% and revenue at Boston Harbour was up 0.7%.
In other news regarding the US branch of the company, Wynn continued reducing its WynnBet digital offering, and during Q1, it sold its New York interactive sports betting licenses to ESPN Bet and Penn Entertainment. It also withdrew WynnBet from Massachusetts leaving Michigan as the only state where it is active.
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Wynn Looks to New Markets
While Wynn may be shifting its focus from the digital realm, its land-based business is thriving. Looking back at Q1, Billings was full of enthusiasm and highlighted how the company is building on its momentum from 2023.
The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
The company released an update on the Wynn Al Marjan Island casino in the UAE. New images of the resort were published and the group hopes to open the $4 billion project in early 2027.
Wynn also spoke of potential launches in New York and Thailand. The operator is considering opening an integrated resort in Hudson Yards but will have to wait until 2025 for a decision to be made regarding new casino licenses in the state.
Billings described the Thailand project as “very early days” but said that the company is very interested due to the country being a “major tourism destination” with “significant tourism infrastructure and a world class service culture.”
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