Wynn Resorts reported an all-time record for adjusted property earnings during the first quarter in a conference call with Wall Street investors on Tuesday and announced the resumption of a quarterly dividend.
Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million over $953.3 million for the first quarter of 2022.
Net income was $12.3 million for the first quarter of 2023, compared to a net loss of $183.3 million for the first quarter of 2022.
Adjusted property EBITDAR was $429.7 million for the first quarter of 2023, compared to adjusted property EBITDAR of $177.6 million year over year.
“For the first time in over three years, each of our resorts is generating strong financial results, a testament to our team’s focus on delivering five-star hospitality and experiences to our guests,” said Craig Billings, CEO of Wynn Resorts. “In the U.S., Wynn Las Vegas and Encore Boston Harbor are firing on all cylinders, generating a new all-time record for adjusted property EBITDAR at our combined North American properties during the quarter. In Macau, after several challenging years, we experienced a meaningful return of visitation and demand, particularly in our mass-gaming and retail businesses.”
Wynn announced a cash dividend of 25 cents per share, payable on June 6 to stockholders of record as of May 23.
Operating revenues from Wynn Palace were $369.4 million for the first quarter, an increase of $206.0 million from $163.3 million over Q1 2022. Adjusted property EBITDAR from Wynn Palace was $111.1 million, compared to a decline of $900,000 in 2022. VIP table games win as a percentage of turnover was 2.72%, below the property’s expected range of 3.1% to 3.4% and above the 2.05% experienced in the first quarter of 2022. Table- game win percentage in mass-market operations was 22.1%, above the 20.9% experienced in the first quarter of 2022.
Operating revenues from Wynn Macau were $230.7 million, a year-over-year increase of $95.6 million. Adjusted property EBITDAR from Wynn Macau was $44.7 million, compared to a decline of $4.7 million last year. VIP table-game win as a percentage of turnover was 2.69%, below the property’s expected range of 3.1% to 3.4% and below the 3.84% experienced in Q1 2022. Table-game win percentage in mass market operations was 17.0%, below the 2022’s 17.5%.
Operating revenue for Las Vegas were $586.8 million for the first quarter, an increase of $145.6 million from $441.2 million in 2022. Adjusted property EBITDAR was $231.6 million compared to $159.4 million. Table-game win percentage was 24.3%, within the property’s expected range of 22% to 26% and above 2022’s 23.6%.
Operating revenues from Encore Boston Harbor were $216.3 million for the first quarter of 2023, an increase of $25.5 million from $190.8 million for the first quarter of 2022. Adjusted property EBITDAR from Encore Boston Harbor was $63.4 million compared to $55.3. Table-game win percentage was 21.7%, within the property’s expected range of 18% to 22% and below last year’s 22.2%.
Cash and cash equivalents as of March 31 totaled $3.84 billion.
Total current and long-term debt outstanding on March 31 was $12.25 billion, comprising $6.75 billion of Macau-related debt, $2.64 billion of Wynn Las Vegas debt, $2.25 billion of Wynn Resorts Finance debt, and $613.6 million of debt held by a retail joint venture.
