Aided by strength in Las Vegas, Boston, and Macau, Wynn Resorts made big gains in revenue, income, and adjusted earnings during the second quarter, in which it set an April-through-June record for its North American properties.
The casino company released second-quarter earnings Wednesday that showed operating revenues were $1.6 billion, an increase of $687 million from $908.8 million for the second quarter of 2022.
Net income attributable was $105.2 million for the second quarter compared to a net loss of $130.1 million for the second quarter of 2022. Adjusted property EBITDAR was $524.5 million for the second quarter compared to adjusted property EBITDAR of $179.2 million .
“Our second-quarter results reflect continued strength in North America and Macau,” said Craig Billings, CEO of Wynn Resorts. “In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second-quarter record for adjusted property EBITDAR at our combined North American properties. In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass-gaming, luxury-retail, and hotel businesses.”
For the second quarter of 2023, operating revenues increased $409.7 million, $243 million, $17 million, $11.8 million, and $5.5 million at Wynn Palace, Wynn Macau, the Las Vegas operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the second quarter of 2022.
For the second quarter of 2023, adjusted property EBITDAR increased $206.6 million, $130 million, $5.4 million, and $6 million at Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $2.6 million at the Las Vegas operations from the second quarter of 2022.
Wynn Resorts announced that its board of directors declared a cash dividend of $0.25 per share, payable on August 31, to stockholders of record as of August 21.
Diluted net income per share was $0.84 for the second quarter of 2023 compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted net income attributable to Wynn Resorts was $103.3 million, or $0.91 per diluted share, for the second quarter of 2023 compared to last year’s adjusted net loss attributable to Wynn Resorts of $93.7 million, or $0.82 per diluted share.
Total current and long-term debt outstanding as of June 30 was $12.14 billion, comprising $6.73 billion of Macau related debt, $2.65 billion of Wynn Las Vegas debt, $2.15 billion of WRF debt, and $613.8 million of debt held by the retail joint venture that Wynn consolidates.
