Wynn Resorts, a prominent player in the global hospitality and gaming industry, released its second-quarter financial results, showcasing robust growth in both North America and Macau.
Wynn Resorts Reports Strong Revenue Surge and Resilience in Macau Market
The company reported operating revenues of $1.60 billion for the second quarter ended June 30, 2023, marking a substantial increase of $687 million compared to the same period in 2022.
CEO of Wynn Resorts, Craig Billings, expressed enthusiasm for the remarkable results. He highlighted the strong performance of Wynn Las Vegas and Encore Boston Harbor in the United States, which contributed to a new second-quarter record for Adjusted Property EBITDAR at their combined North American properties. Additionally, the recovery in Macau’s market after the pandemic was accelerated, with notable growth in the mass gaming, luxury retail, and hotel sectors.
The company reported net income attributable to Wynn Resorts of $105.2 million for the second quarter of 2023, a significant turnaround from a net loss of $130.1 million in the second quarter of 2022. Diluted net income per share for the same period was $0.84, compared to a diluted net loss per share of $1.14 in the previous year.
In Q2 2023, Wynn Palace‘s revenues rose to $468.4 million from $58.7 million last year, with VIP table games at 4.24% turnover. Wynn Macau‘s revenues increased to $301.6 million from $58.6 million, with VIP table games at 4.16% turnover, and both properties saw improved mass market table game performance.
In Q2 2023, Las Vegas Operations revenue reached $578.1 million, up by $17.0 million from last year, with a 22.9% table games win percentage. Encore Boston Harbor‘s Q2 2023 revenue was $221.9 million, a rise of $11.8 million, and its table games win percentage was 22.3%, exceeding the expected range.
Wynn Resorts Embarks on $3.9 Billion UAE Resort Venture for Future Growth
Billings also took the opportunity to announce the commencement of construction on Wynn Al Marjan Island, an ambitious integrated beachfront resort in Ras Al Khaimah, United Arab Emirates (UAE). The project, a collaboration with local partners Marjan LLC and RAK Hospitality Holding LLC, is expected to transform the region into a must-visit tourism destination.
The $3.9 billion development is modeled after Wynn’s Las Vegas properties, emphasizing non-gaming amenities, and is scheduled to open in 2027.
Despite global uncertainties, Wynn Resorts remains optimistic about its future growth prospects. The company’s diversified portfolio, including Wynn Las Vegas, Encore Boston Harbor, and properties in Macau, positions it well to capitalize on various market trends. Investors responded positively to the results, with the company’s stock price rising by 1.12% in after-hours trading. Wynn Resorts’ solid second-quarter performance indicates its resilience and strategic focus, positioning it to navigate the evolving dynamics of the global hospitality and gaming industry.