Wynn Resorts Reports Strong Q2 Financial Performance
LISTEN TO THIS ARTICLE:Wynn has published its financial figures for the second quarter revealing impressive growth in North America and Macau.
The company enjoyed operating revenue of $1.60 billion for the quarter concluding on June 30, 2023. This represents an impressive growth of $687 million when compared to the corresponding period in 2022.
Craig Billings, the CEO of Wynn Resorts, shared his delight with the result. He singled out the performance of Wynn Las Vegas and Encore Boston Harbor domestically, which helped the company achieve a new Q2 record for Adjusted Property EBITDAR at their North American venues. Additionally, the speed of Macau’s gambling market recovery has picked up as can be seen from its mass gaming, high-end retail, and hospitality sectors.
Huge Turn Around from Q2 2022
For Q2 2023, the company registered a net income attributable to Wynn Resorts at $105.2 million, a sharp contrast to the net loss of $130.1 million from the same quarter in 2022. The diluted net income for each share during this period stood at $0.84, in comparison to a diluted net loss per share of $1.14 the previous year.
The revenues for Wynn Palace surged to $468.4 million from the preceding year’s $58.7 million, with VIP table games achieving a 4.24% turnover. Wynn Macau’s revenues also grew to $301.6 million from a prior $58.6 million, with VIP table games at a 4.16% turnover. Moreover, both venues benefited from a boost in mass market table game performance.
As for Las Vegas Operations, the revenue rose to $578.1 million, a growth of $17.0 million from the previous year, paired with a 22.9% table games win percentage. Furthermore, Encore Boston Harbor reported revenue of $221.9 million for Q2 2023, marking an increase of $11.8 million, and the table games win percentage stood at 22.3%.
Wynn Resorts Announces $3.9 Billion UAE Resort
Billings also announced the onset of Wynn Al Marjan Island’s construction, an integrated beachfront resort located at Ras Al Khaimah, UAE. It is hoped that the resort, which is a collaboration with regional partners Marjan LLC and RAK Hospitality Holding LLC, will transform the area into a prime tourist hotspot. The massive $3.9 billion project will focus on non-gaming amenities, and it is due to open in 2027.
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