Wynn Resorts saw a massive fourth quarter, with operating revenues rising to $1.84 billion, while net income surged to $729.2 million, as Wynn Palace delivered strong results.
The figures were strong yearly improvements from 2022, when Macau was still under the grips of the pandemic control measures.
Wynn Palace generated some $524.4 million during the quarter, a sharp rise from the $113.1 million seen in 4Q22. Adjusted property EBITDAR reversed a negative yearly comparison, at $171.1 million.
Meanwhile, the group’s Macau peninsula property brought in some $309 million (compared to $77.2 million in 34Q22), with adjusted property EBITDAR hitting $125.8 million (as opposed to a $35 million loss in 4Q22).
Meanwhile, the group’s Las Vegas operations brought in a total of $696.8 million during the quarter, up by $111.3 million yearly, while adjusted property EBITDAR totalled $270.8 million, a significant but not outstanding yearly rise.
The group’s CEO, Craig Billings, noted that “These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau”.
In addition, the group’s efforts to set up an integrated resort, complete with a casino, in the UAE – Wynn Al Marjan “continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower,” notes Billings.
Wynn finished out the quarter with some $2.88 billion in cash, while current and long-term debt totaled over $11.74 billion – of which $6.74 billion is linked to Macau, $2.25 billion to Las Vegas and $2.13 linked to Wynn Resorts Finance.
