Revenues for the year top $3.7 billion
Wynn Resorts has published its financial report for Q4 2023 and year-end results revealing growth in operating revenues and income year-on-year.
According to the report, revenues grew by $835.5 million/€775.8 million to $1.84 billion/€1.7 billion for the fourth quarter. Net income amounted to $729.2 million/€677.1 million for the reporting period, compared to $32.4 million/€30 million in Q4 2022.
Meanwhile, Adjusted Property EBITDAR was $630.4 million/€585.3 million for the reporting period, compared to $195.1 million/€181.7 million for the fourth quarter of 2022.
For the fourth quarter of 2023, operating revenues at Wynn resorts and subsidiaries increased across the board with the exception of Encore Boston Harbor:
- Wynn Palace up by $411.3 million/€381.9 million to $524.4 million/€486.9 million
- Wynn Macau up by $309.1 million/€287 million to $386.2 million/€358.6 million
- Las Vegas Operations up by $111.3 million/€103.3 million to $696.8 million/€647.07 million
- Encore Boston Harbor down by $1.2 million/€1.1 million to $217.1 million/€201.6 million
Q3 Key Highlights
Group results
- Operating revenues – $1.8 billion/€1.67 billion, up by 80%
- Operating expenses – $1.4 billion/€1.3 billion, up by 55.5%
- Operating income – $357.7 million/€332.1 million, up by 261.3%
2023 Year-end Results
Group results
- Operating revenues – $3.7 billion/€3.4 billion, up by 105%
- Operating expenses – $5.6 billion/€5.2 billion, up by 47.3%
- Operating income – $840.1 million/€780.2 million (2022 loss of $100.6 million/€93.4 million)
- Net income – $782.2 million/€726.4 million (2022 loss of $709.3 million/€658.7 million)
Speaking of the latest results, Craig Billings, CEO of Wynn Resorts said:
“The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight 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 Las Vegas, Boston and Macau,.
On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. 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 will continue to focus on driving long-term returns for shareholders.”
