Revenues up to $1.67 billion
Wynn Resorts has published its financial report for Q1 2024 revealing operating revenues of $1.86 billion, a 30.98% increase year-on-year.
According to the report, revenues grew by $439.2 million from $1.42 billion reported in Q1 of 2023. Net income amounted to $144.2 million/€ million for the reporting period, up by 1072% from the $12.3 million reported in the corresponding period in 2023.
Meanwhile, Adjusted Property EBITDAR was $646.5 million for the reporting period, compared to $429.7 million for the first quarter of 2023.
Q3 Key Highlights
Group results
- Operating revenues – $1.86 billion, up by 30.98%
- Operating expenses – $1.49 billion, up by 19.2%
- Operating income – $362.9 million, up by 114.1%
- Net income – $176.4 million, up by 15373.6%
Individual resort and subsidiary operating incomes (losses)
- Wynn Palace – $586.9 million
- Wynn Macau – $411.7 million
- Las Vegas Operations – $636.5 million
- Encore Boston Harbor – $217.8 million
Speaking of the latest results, Craig Billings, CEO of Wynn Resorts said:
“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. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE. We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth.”
WYNN stock currently has a Market Cap of $10.65 B, trading at $95.04.
