Wynn Resorts US operations help compensate for Macau woes in Q4
Wynn Resorts’ overall revenue decreased year-on-year.
US.- Wynn Resorts has announced results for the fourth quarter ended December 31, 2022. The casino operator reported quarterly revenue of $1bn, a decrease of $48.2m from the $1.05bn reported in Q4 2021. Overall revenue fell due to limited activity in Macau, but US revenue rose.
Operating revenues for the fourth quarter of 2022 increased by $91.6m and $14.4m at Wynn Las Vegas operations and Encore Boston Harbor, respectively, but decreased by $80.9m, $54.5m, and $7.8m at Wynn Palace, Wynn Macau, and Wynn Interactive.
Craig Billings, CEO of Wynn Resorts, said: “Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04bn of Adjusted Property EBITDAR, a record for us by a wide margin.
“These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts,” said
“In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth.”
Net income for the fourth quarter came in at $32.4m, or $0.29 per diluted share, compared to a net loss of $177.2m in Q4 2021. For the year ended December 31, 2022, operating revenue was $3.76bn, flat compared to the prior year. Operating revenues increased by $628.5m, $139.6m, and $12.6m at Wynn Las Vegas, Encore Boston Harbor and Wynn Interactive, respectively, and decreased by $472.7m and $314.8m at Wynn Palace and Wynn Macau.
Net loss attributable to Wynn Resorts was $423.9m, or $3.73 per diluted share for the year, compared to $755.8m, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts was $507.4m, or $4.47 per diluted share, compared to $695.8mm or $6.12 for 2021.
