Wynn Resorts is basking in the aftermath of a bumper performance through the first quarter, with significant upticks in both Las Vegas and Boston, as well as the Asian gaming hub of Macau, leading the operator’s charge.
Coming just weeks after the group named its $3.9bn UAE development Wynn Al Marjan Island, which will house the region’s first legal casino, the company has withheld particular praise for the aforementioned autonomous region.
Following a sustained period of difficulty across Macau being endured across the board, Wynn noted that due to a return of visitation and demand it is “well positioned for success” during a next stage of expansion.
Group-wide revenue rose 32.86 per cent to $1.42bn (2022: $953.3m), driven by across the board increases in all individual reporting segments.
Las Vegas operations took the lion’s share courtesy of a 33 per cent uptick to $586.8m (2022: $441.2m), with Wynn’s fellow US entity, that being Encore Boston Harbor, up 13.36 per cent year-on-year to $216.3m (2022: $190.8m).
In Macau, Wynn Palace more than doubled to close at $369.4m (2021: $163.3m), while Wynn Macau increased 70.76 per cent from the past year’s $135.1m to $230.7m this time around.
“In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand”
Through the quarter, net income attributable to the firm was $12.3m versus a loss of $183.3m YoY, while adjusted EBITDA finished the January to March time frame at $429.7m, up 142 per cent from $177.6m.
On a property by property basis, AEBITDA increased $72.2m, $111.9m, $49.4m, $8.2m and $10.4m across Las Vegas operations, Wynn Palace, Wynn Macau, Encore Boston Harbor and Wynn Interactive, respectively.
“For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team’s relentless focus on delivering five-star hospitality and experiences to our guests,” noted Craig Billings, CEO of Wynn Resorts.
“In the US, 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 were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses. We believe we are well-positioned for success in Macau’s next phase of growth.”