Wynn Resorts sees 11% drop in Q3 2022 revenue

Representing the majority of total revenue was the company’s Las Vegas Operations, followed by Encore Boston Harbour.
Representing the majority of total revenue was the company’s Las Vegas Operations, followed by Encore Boston Harbour.

Wynn Resorts reported revenue of $899.7m for the third quarter of 2022.

Wynn Resorts has announced results for the third quarter ended September 30, 2022. The casino operator reported quarterly revenue of $899.7m, down 11 per cent from $994.6m in the same period last year. Wynn Resorts’ third-quarter revenue fell as the casino resort operator continues to deal with limited activity in Macau, but US operations strengthen. 

The majority of total revenue came from the company’s Las Vegas Operations with $544.4m, followed by Encore Boston Harbour with $211.8m.

For Macau, revenue totalled $75.2m and $40.4m at Wynn Palace and Wynn Macau respectively. Casino operations at both properties were closed in response to an outbreak of Covid-19.

For the third quarter of 2022, operating revenues increased $68.4m and $19.6m at the group’s Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $106.1m and $90.3m at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.

The business made a net loss of $142.9m for the period, or a loss of $1.27 per share. This works out as a 14 per cent year-on-year decrease in losses from $166.2m in Q3 of 2021. Quarter-on-quarter, though, losses increased 9.8 per cent from $130.1m.

Adjusted property EBITDA amounted to $173.5m for the period, a 12 per cent increase from the prior-year period. For the third quarter of 2022, adjusted property EBITDA increased $12.3m and $85.8m at Wynn’s Las Vegas Operations and Wynn Interactive, respectively, and decreased $33.9m, $41.9m and $3.4m at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2021.

“In Macau, while Covid-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period,” said Wynn CEO Craig Billings. “We remain confident that the market will benefit from the return of visitation over time.”

About Wynn’s performance in US, Billings said: “Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDA at our combined North American properties.” 

And he added: “Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts.”

See also: Wynn Resorts to work with Related Companies for Manhattan casino bid

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