Wynn Resorts, a leading player in the global hospitality, casino and gambling industry, released its second quarter financial results, showing robust growth in both North America and Macau.
The company reported operating income of $1.60 billion for the second quarter ended June 30, 2023.
This marks a substantial increase of $687 million compared to the same period in 2022.
Wynn Resorts CEO Craig Billings expressed enthusiasm for the remarkable results.
He highlighted the strong performance of Wynn Las Vegas and Encore Boston Harbor in the United States, which contributed to a new second-quarter record for North American Combined Properties Adjusted EBITDAR.
In addition, Macau’s post-pandemic market recovery has accelerated, with significant growth in the gaming, luxury retail and hospitality sectors.
The company reported net income attributable to Wynn Resorts of $105.2 million for the second quarter of 2023, a significant turnaround from a net loss of $130.1 million for the second quarter of 2022.
Diluted net income per share for the same period was $0.84, compared to a diluted net loss per share of $1.14 a year earlier.
In Q2 2023, Wynn Palace revenues rose to $468.4 million from last year’s $58.7 million, with VIP table games representing 4.24% of revenues.
Wynn Macau revenues increased to US$301.6 million from US$58.6 million, with VIP table games representing 4.16% of revenues.
Both properties showed improvement in the performance of market table games.
In Q2 2023, Las Vegas Operations revenue reached $578.1 million, up $17.0 million year-over-year, with a table game win percentage of 22.9% .
Encore Boston Harbor Q2 2023 revenue was $221.9 million, up $11.8 million, and table game win percentage was 22.3%, beating the expected range .
Wynn Resorts Begins $3.9 Billion Resort Project in UAE
Billings also took the opportunity to announce the start of construction on Wynn Al Marjan Island, an ambitious integrated beachfront resort in Ras Al Khaimah, United Arab Emirates (UAE).
The project, a collaboration with local partners Marjan LLC and RAK Hospitality Holding LLC, hopes to transform the region into a must-see tourist destination.
The $3.9 billion development is modeled after Wynn’s Las Vegas properties, emphasizing non-gaming amenities, and is scheduled to open in 2027.
Wynn is optimistic about future growth
Despite global uncertainties, Wynn Resorts remains optimistic about its future growth prospects.
The company’s diversified portfolio, including Wynn Las Vegas, Encore Boston Harbor and properties in Macau, positions it well to capitalize on diverse market trends.
Investors responded positively to the results, with the company’s share price rising 1.12% in after-hours trading.
Wynn Resorts’ solid performance in the second quarter indicates its resilience and strategic focus, positioning it to navigate the evolving dynamics of the global hospitality and gaming industry.
