Wynn Resorts on Tuesday reported a decline in operating revenues with a slowdown in Macau, but had an all-time quarterly record for adjusted earnings in Las Vegas and a quarterly record in Boston.
Wynn reported operating revenues of $908.8 million for the second quarter, a decrease of $81.3 million from $990.1 million during the second quarter of 2021. Net loss was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021.
The adjusted property EBITDA was $179.2 million for the second quarter 2022, compared to $206.9 million in the second quarter 2021.
“Our second-quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor,” said Wynn CEO Craig Billings. “Our teams’ ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand drove a new all-time quarterly record for adjusted property EBITDA at Wynn Las Vegas and a second-quarter record at Encore Boston Harbor.”
In Macau, while COVID-related travel restrictions continued to impact results, Billings said they remain confident that the market will benefit from the return of visitation over time.
For the second quarter, operating revenues increased $206 million and $44.9 million at its Las Vegas operations and Encore Boston Harbor, respectively, and decreased $211.7 million and $125.4 million at Wynn Palace and Wynn Macau, respectively, year over year.
Adjusted property EBITDA increased $93.5 million and $16.8 million at its Las Vegas operations and Encore Boston Harbor, respectively, and decreased $103.5 million and $54.5 million at Wynn Palace and Wynn Macau, respectively, from the 2021.
Operating revenues from Wynn Palace were $58.7 million for the second quarter, a decrease of $211.7 million from $270.4 million a year ago. Operating revenues from Wynn Macau were $58.6 million for the second quarter, a decrease of $125.4 million from $184 million for the same period in 2021.
Operating revenues from its Las Vegas operations were $561.1 million for the second quarter, an increase of $206 million from $355.1 million for the second quarter of 2021. Adjusted property EBITDA from its Las Vegas operations for the second quarter was $226.7 million, compared to $133.2 million for the second quarter of 2021.
Table-game win percentage for the second quarter of 2022 was 24.6%, slightly higher than the 23.2% in 2Q21.
Operating revenue from Encore Boston Harbor was $210.2 million for the second quarter, an increase of $44.9 million from $165.2 million for the second quarter of 2021. Adjusted property EBITDA from Encore Boston Harbor for the second quarter was $63.7 million, compared to $46.9 million for the second quarter of 2021.
Total current and long-term debt outstanding on June 30 was $11.91 billion, comprising $5.97 billion of Macau-related debt, $3.13 billion of Wynn Las Vegas debt, $2.2 billion of Wynn Resorts finance debt, and $613.2 million of debt held by the retail joint venture.
In the second quarter of 2022, the company repurchased 2.38 million shares of its common stock at an average price of $57.70 per share, for an aggregate cost of $137.4 million.
