Revenues up to $1.73 billion but down by 7% compared to the first quarter of 2024
Wynn Resorts has published its financial report for Q2 2024 revealing operating revenues of $1.73 billion, an 8% increase year-on-year, but a drop of 7% compared to the prior reporting period.
According to the report, revenues grew by $137.1 million from $1.6 billion reported in Q2 of 2023. Net income amounted to $111.9 million for the reporting period, up by 5.7% from the $105.2 million reported in the corresponding period in 2023.
Meanwhile, Adjusted Property EBITDAR was $571.7 million for the reporting period, compared to $524.5 million for the second quarter of 2023.
Q2 2024 Key Highlights
Group results
- Operating revenues – $1.73 billion, up by 8%
- Operating expenses – $1.46 billion, up by 8.95%
- Operating income – $269.6 million, up by 7.7%
- Net income – $146.2 million, up by 14.4%
Individual resort and subsidiary operating incomes (losses)
- Wynn Palace – $108.2 million
- Wynn Macau – $61.1 million
- Las Vegas Operations – $124.7 million
- Encore Boston Harbor – ($17.8 million)
Speaking of the latest results, Craig Billings, CEO of Wynn Resorts said:
“Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston. Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace.
During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan.”
WYNN stock currently has a Market Cap of $8.54 B, trading at $100.71.
