Wynn Resorts reported operating income of $953.3 million for the first quarter of 2022, up 29% from the same period in 2021.
The group noted that its Macau operations for the first quarter of 2022 continued to be negatively impacted by certain travel-related restrictions amid the pandemic, including Covid-19 testing and other required procedures.
Wynn Palace’s operating income was US$163.3 million for the period, with Wynn Macau reporting revenue of US$135.1 million. Meanwhile, Wynn’s Las Vegas operations added revenue of $441.2 million for the period, with adjusted property EBITDA of $159.4 million.
Encore Boston Harbor revenue totaled $190.8 million, with property adjusted EBITDA totaling $55.3 million.
The operator’s net loss was US$183.3 million in the first quarter of the year, compared to US$281 million in the same period in 2021. Adjusted EBITDA was US$177.6 million for the period, compared to US$ 58.9 million at the same time last year.
Casino accounted for the majority of Wynn Resorts’ total revenue
Casino accounted for the majority of total revenue with $489.9 million, followed by food and beverage with $174 million. Rooms and Entertainment, Retail and Others totaled $170.4 million and $119 million, respectively.
“Our first quarter results reflect continued strength at Wynn Las Vegas and Encore Boston Harbor, where our teams’ relentless focus on five-star hospitality and world-class experiences, combined with very strong customer demand to deliver a new record in the first quarter of property adjusted EBITDA at both properties,” said Craig Billings, CEO of Wynn Resorts.
Billings concluded: “In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions ease.”