Wynn Resorts Show Improved Numbers with Help from Macau

Wynn Resorts posted much improved set of results for the Q1 of 2023 with the companies Macau operations performing the best with the operator moving back into profit there with $47.1 million compared to a loss of $98.3 million in the same period for 2022.

Most notably was the companies Macau resort Wynn Palace a Cotai Strip property with revenues up to $369.4 million, that is a huge rise of 126.2% compared to the same period last year. Casino revenues alone stood at $270.7 million for the resort up 136.65 from the same quarter in 2022.

For Wynn overall operating revenues totalled $1.42 billion that is a rise of $470.3 million from the 2022 Q1 results and a profit of $12.33 million compared to a loss of $183.3 million in the Q1 of last year. Casino revues overall hit $766.99 million up a resounding 56.5% on the same quarter last year.

Wynn Resorts CEO Craig Billings said on the latest set of results: “For the first time in over three years, each of our resorts is generating strong financial results,” noting that the US operations were “firing on all cylinders, generating a new all-time record for Adjusted Property EBITDAR at our combined North American properties during the quarter”.

Billings said on Macau, that the company was emerging from “several challenging years” by seeing “a meaningful return of visitation and demand, particularly in our mass gaming and retail business”, noting the group is “well-positioned for success in Macau’s next phase of growth.”

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Wynn Resorts Show Improved Numbers with Help from Macau
Source: Trend Philippines News