Wynn posts record adjusted earnings

November 9, 2023 8:48 PM
Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
November 9, 2023 8:48 PM
  • Buck Wargo, CDC Gaming Reports
  • Macau
  • Massachusetts
  • Nevada

Wynn Resorts reported record adjusted earnings at its Las Vegas and Boston properties during the third quarter.

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Operating revenues were $1.67 billion for the third quarter, an increase of $782.2 million from $889.7 million for the third quarter of 2022. Net loss was $116.7 million for the third quarter, compared to $142.9 million for the third quarter of 2022.

Adjusted property EBITDAR was $530.4 million for the third quarter compared to $173.5 million for the third quarter of 2022.

“Our third-quarter results reflect continued strength across our property portfolio,” said Wynn Resorts CEO Craig Billings. “Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for adjusted property EBITDAR at our combined North American properties.”

In Macau, Billings said the recovery continued to progress during the quarter, with particular strength in its mass-gaming, luxury-retail, and hotel businesses.

Operating revenues from Wynn Palace were $524.8 million for the quarter, an increase of $449.5 million from $75.2 million in 2022. Adjusted property EBITDAR from Wynn Palace was $177 million compared to $(21.8) million for the third quarter of 2022.

Table-game win percentage in mass-market operations was 23.3%, above the 21.5% in Q3 2022. VIP-table-game win as a percentage of turnover was 3.42%, above the property’s expected range of 3.1% to 3.4% and above the 3.27% in third quarter 2022.

Operating revenue from Wynn Macau was $295 million for the third quarter, an increase of $254.6 million from $40.4 million for the third quarter of 2022. Adjusted property EBITDAR from Wynn Macau was $77.9 million for the third quarter of 2023, compared to $(43.8) million for the third quarter of 2022.

Table-game win percentage in mass-market operations was 16.5%, above the 13.3% in Q3 2022. VIP-table-game win as a percentage of turnover was 3.52%, above the property’s expected range of 3.1% to 3.4% and above the 1.56% in 2022.

Operating revenues at the Las Vegas operations were $619 million for the third quarter, an increase of $74.6 million from $544.4 million year over year. Adjusted property EBITDAR from the Las Vegas operations for the third quarter was $219.7 million, compared to $195.8 million in 2022. Table-games win percentage for the was 26%, within the property’s expected range of 22% to 26% and above the 20.7% in 2022.

Operating revenues from Encore Boston Harbor were $210.4 million for the third quarter of 2023, a decrease of $1.4 million from $211.8 million for the third quarter of 2022. Adjusted property EBITDAR from Encore Boston Harbor for the third quarter of 2023 was $60.5 million, compared to $61.1 million for the third quarter of 2022.

Table-games win percentage for the third quarter of 2023 was 20.8%, within the property’s expected range of 18% to 22% and below the 21.1% in 2022.

During the third quarter of 2023, the company repurchased 596,948 shares of its common stock under its publicly announced equity-repurchase program at an average price of $94.11 per share for a cost of $56.2 million.

Wynn Resorts also announced that its board of directors has declared a cash dividend of $0.25 per share, payable on November 30 to stockholders of record as of November 20.