Despite tough going from its operations in China, Wynn Resorts Wednesday reported higher adjusted earnings during the third quarter compared to a year ago.
Overall, operating revenue of $889.7 million was down $104.9 million during the third quarter, but adjusted earnings of $173.5 million were up from $154.6 million in the third quarter of 2021.
Operating revenues in Las Vegas were $544.4 million for the third quarter of 2022, an increase of $68.4 million from $476.0 million for the third quarter of 2021. Adjusted property EBITDA in Las Vegas was $195.8 million, compared to $183.4 million for the third quarter of 2021. Table-game win percentage for the third quarter of 2022 was 20.7%, below the property’s expected range of 22% to 26% and below the 21.7% experienced in the third quarter of 2021.
Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2022, an increase of $19.6 million from $192.2 million for the third quarter of 2021. Adjusted property EBITDA from Encore Boston Harbor for the third quarter of 2022 was $61.1 million, compared to $64.6 million for the third quarter of 2021. Table-game win percentage for the third quarter of 2022 was 21.1%, within the property’s expected range of 18% to 22%, though below the 21.4% experienced in the third quarter of 2021.
“Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for adjusted Property EBITDA at our combined North American properties,” said Wynn CEO Craig Billings. “Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts. In Macau, while COVID-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time.”
Operating revenues decreased $106.1 million and $90.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.
The casino operations at Wynn Palace and Wynn Macau were closed for a 12-day period in July in response to an outbreak of COVID-19. “The results of operations of our Macau operations for the third quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic,” Billings said.
Adjusted property EBITDA from Wynn Palace fell $21.8 million for the third quarter of 2022, compared to $12.1 million for the third quarter of 2021. VIP table-game win as a percentage of turnover was 3.27%, within the property’s expected range of 3.1% to 3.4%, though below the 4.45% experienced in the third quarter of 2021. Table-game win percentage in mass market operations was 21.5%, below the 21.8% experienced in the third quarter of 2021.
Adjusted property EBITDA from Wynn Macau fell $43.8 million for the third quarter of 2022, compared to $(1.9) million for the third quarter of 2021. VIP table-game win as a percentage of turnover was 1.56%, below the property’s expected range of 3.1% to 3.4% and below the 2.44% experienced in the third quarter of 2021. Table-game win percentage in mass-market operations was 13.3%, below the 19.7% experienced in the third quarter of 2021.
