Wynn Resorts Release Impressive Revenue Results in 2023
LISTEN TO THIS ARTICLE:Wynn Resorts announced an impressive 73.9% increase in revenue, reaching $6.53 billion for the 2023 financial year. This growth in revenue also led to the company’s adjusted property EBITDA hitting an all-time high.
The revenue growth was consistent across all of Wynn’s properties, with particularly notable success in Macau. The Wynn Palace and Wynn Macau saw significant growth after the lifting of Covid-related restrictions in the region.
Global Growth and Expansion
There was also good news from the United States with revenue growth at both Las Vegas and Boston, although not as substantial as in Macau. Furthermore, Wynn is actively working on a new development, the Wynn Al Marjan Island, in the United Arab Emirates.
CEO Craig Billings expressed enthusiasm about the future, noting the company’s diversified business and the strategic position in Las Vegas as a luxury leader.
We see tremendous value in our business as evidenced by our buybacks in the quarter and I’m genuinely looking forward to 2024. The company is more diversified than it’s ever been. In Las Vegas, we continue to distance ourselves from our peers as the leader in luxury. It’s more evident than ever that we are the go-to spot for the best customers attending citywide events like F1. We have a growing business in Macau that is running structurally higher margins than in the past, is much less reliant on the volatile VIP segment, and is increasingly well-positioned to compete.
A Closer Look at 2023
The breakdown of the 2023 results shows a 127.7% increase in casino revenue to $3.72 billion. Macau operations were particularly successful, contributing $3.10 billion to the total revenue, an increase of 329.7% compared to 2022. The Las Vegas and Encore Boston Harbor operations also saw revenue increases.
With a 47.5% rise in operating costs, the company managed a pre-tax profit of $285.4 million, a turnaround from the previous year’s loss. Adjusted property EBITDAR for 2023 grew by 191.4% to a record $2.11 billion.
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