Wynn Resorts set a record for adjusted earnings in both the fourth quarter and 2022 as a whole for its Las Vegas and Boston properties, as Macau continues its recovery from COVID.
Operating revenues were $1 billion for the fourth quarter, a decrease of $48.2 million from $1.05 billion for the fourth quarter of 2021.
Operating revenues for the fourth quarter increased $91.6 million and $14.4 million at Wynn Las Vegas and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021.
Adjusted Property EBITDAR was $195.1 million for the fourth quarter, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021.
Adjusted Property EBITDAR for the fourth quarter increased $33.1 million and $51.1 million at the Las Vegas operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021.
Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at the combined North American properties, according to CEO Craig Billings. For 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record by a wide margin.
“These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts,” Billings said. “In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth.”
For 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year 2021. Operating revenues for 2022 increased $628.5 million, $139.6 million, and $12.6 million at Wynn/Encore, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, for 2021.
Adjusted Property EBITDAR was $725.4 million for 2022, compared to $569.4 million for 2021. Adjusted Property EBITDAR for 2022 increased $270.2 million, $33.3 million, and $168.9 million at Wynn/Encore, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from 2021.
Operating revenues from Las Vegas were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Las Vegas for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021.
In Las Vegas, table -games win percentage for the fourth quarter of 2022 was 21.2%, below the property’s expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021.
Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million over $204 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. At Boston Harbor, table-games win percentage for the fourth quarter of 2022 was 21.9%, within the property’s expected range of 18% to 22%, but slightly less than the 22.2% in the fourth quarter of 2021.
