Wynn Resorts reported strong fourth-quarter results in an earnings call with Wall Street analysts Wednesday.
Operating revenue was $1.84 billion for the fourth quarter, an increase of $835.5 million over the fourth quarter of 2022. Net income was $729.2 million compared to net income year over year of $32.4 million.
The increase in net income was attributed primarily to increased revenue from Wynn’s Macau and Las Vegas operations, as well as an income-tax benefit related to the release of a valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S., the company announced.
Adjusted property EBITDAR was $630.4 million for the fourth quarter compared to adjusted property EBITDAR of $195.1 million for the fourth quarter of 2022.
“The strong momentum we built throughout 2023 continued during the fourth quarter with adjusted property EBITDAR reaching a new all-time record,” said CEO Craig Billings. “These results highlight our team’s focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston, and Macau.
For the fourth quarter of 2023, operating revenue increased $411.3 million, $309 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, Wynn/Encore Las Vegas, and Wynn Interactive, respectively, from the fourth quarter of 2022. Revenue decreased $1.2 million at Encore Boston Harbor.
For Q4 2023, adjusted property EBITDAR increased $195.1 million, $161 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, Wynn/Encore Las Vegas, Wynn Interactive, and Encore Boston Harbor, respectively, year over year.
For calendar-year 2023, operating revenue was $6.53 billion compared to $3.76 billion for 2022. Operating revenue for the year increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13 million at Wynn Palace, Wynn Macau, Wynn/Encore Las Vegas, Encore Boston Harbor, and Wynn Interactive, respectively, compared to 2022.
Adjusted property EBITDAR was $2.11 billion for 2023 compared to $725.4 million for 2022. Adjusted property EBITDAR increased $712.4 million, $462.1 million, $145.1 million, $55.8 million, and $14 million, at Wynn Palace, Wynn Macau, Wynn/Encore Las Vegas, Wynn Interactive, and Encore Boston Harbor, respectively.
On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations are underway to start vertical construction of the hotel tower, Billings noted.
Wynn Resorts also announced today that its board of directors has declared a cash dividend of $0.25 per share, payable on February 29 to stockholders of record as of February 20, 2024.
