Wynn Resorts has released its financial results for the fourth quarter of 2021 and the year ended December 31, 2021.
For the fourth quarter of 2021, the group reported annual increases of $321.4 million and $100 million at its Las Vegas and Encore Boston Harbor operations, respectively. For Wynn Palace and Wynn Macau, revenues dropped to $27.5 million and $50.2 million, respectively.
Adjusted property EBITDA for the period was $149.1 million, compared to $69.8 million in the fourth quarter of 2020. At the group’s Las Vegas and Encore Boston Harbor operations, EBITDA (Earnings Before Interest , taxes, depreciation and amortization) adjusted property growth by $165.1 million and $51.6 million, respectively.
For Wynn Palace and Wynn Macau, there was a decline of US$ 30.1 million and US$ 35.2 million, respectively. Wynn Resorts’ net loss was $177.2 million in the fourth quarter, compared to a net loss of $269.5 million in the fourth quarter of 2020, meaning the operator was able to significantly reduce its losses in 2021.
A statement from Wynn Resorts read: “In response to the initial outbreak of Covid-19 in early 2020, each of our properties was subject to partial or total closure for varying periods during 2020 and has since reopened.”
“Given the evolving conditions created by and in response to the Covid-19 pandemic, the measures that were lifted may be reintroduced if there are adverse developments regarding Covid-19, and management remains unable to reasonably estimate the impact to results. futures of the company’s operations, cash flows or financial condition”.
Wynn Resorts CEO Assesses Operating Income Growth
For the year ended December 31, 2021, the group’s operating income increased 80% to $3.76 billion. “I am proud of our teams at Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted EBITDA at both properties during the fourth quarter,” said Craig Billings, CEO of Wynn Resorts.
“Our relentless focus on five-star hospitality and world-class experiences has allowed us to further extend our leading positions in Las Vegas and Massachusetts in 2021. In Macau, we remain confident that the market will benefit from the return of visitation in the next quarter” , he concluded.