Wynn Resorts Q1 revenue up year over year

Tuesday, May 7, 2024 8:36 PM
Photo:  Shutterstock
  • Macau
  • Massachusetts
  • Nevada
  • Buck Wargo, CDC Gaming

Wynn Resorts Tuesday reported a 31% increase in operating revenue and 50% in adjusted property earnings in the first quarter.

Operating revenue was $1.86 billion for the first quarter, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income was $144.2 million compared to $12.3 million. Adjusted property EBITDAR was $646.5 million for the first quarter compared to $429.7 million, an increase of 50%.

“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter, with adjusted property EBITDAR reaching a new all-time record,” said CEO Craig Billings. “The investments we’ve made in our properties, our team, and our unique programming continue to extend our leadership position in each of our markets.”

For the first quarter, operating revenue increased $217.5 million, $181 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, Las Vegas, and Encore Boston Harbor, respectively, over the first quarter of 2023.

Adjusted property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and Las Vegas, respectively. It decreased $0.3 million at Encore Boston Harbor from the first quarter of 2023.

Operating revenue from Wynn Palace was $586.9 million for the first quarter, a year-over-year increase of $217.5 million from $369.4 million. Adjusted property EBITDAR was $202.4 million compared to $111.1 million. Table-game win percentage in mass-market operations was 24.5%, above the 22.1% experienced in the first quarter of 2023. VIP table-game win as a percentage of turnover was 3.3%, within the property’s expected range of 3.1% to 3.4% and above the 2.72% 1Q23.

Operating revenue from Wynn Macau was $411.7 million for the first quarter, an increase of $181 million from $230.7 million. Adjusted property EBITDAR was $137.2 million compared to $44.7 million.

Table-game win percentage in mass-market operations was 19.4%, above the 17% in the first quarter of 2023. VIP table-game win as a percentage of turnover was 3.4%, within the property’s expected range of 3.1% to 3.4% and above the 2.7% in first-quarter 2023.

Operating revenue from the Las Vegas operations was $636.5 million for the first quarter, an increase of $49.8 million from $586.8 million for the first quarter of 2023.

Adjusted property EBITDAR was $246.3 million compared to $231.6 million. Table-game win percentage was 25.9%, within the property’s expected range of 22% to 26% and above the 24.3% in the first quarter of 2023.

Operating revenue from Encore Boston Harbor was $217.8 million for the first quarter, an increase of $1.5 million from $216.3 million. Adjusted property EBITDAR was $63.1 million compared to $63.4 million. Table-game win percentage was 22.6%, above the property’s expected range of 18% to 22% and above the 21.7% in the first quarter of 2023.

Wynn Resorts’s board of directors declared a cash dividend of $0.25 per share, payable on May 31 to stockholders of record as of May 20.

Wynn stock closed at $97.23 and was at $98.76 in after-hours trading.