Wynn Macau saw a 66.4 percent surge in its operating revenues during the first quarter of the year, on a yearly basis, hitting nearly $1 billion, far overshadowing its other segments.
According to the company’s most recent financial results, operating revenues hit $998,645, with a 56 percent increase in its Cotai Strip property and a 78.5 percent yearly rise on the peninsula (at $586.9 million and $411.74 million, respectively).
Meanwhile adjusted property EBITDA rose to $339.55 million, from $155.8 million just a year prior, strongly leading the group’s Las Vegas results of $246.26 million (as compared to $231.59 million in 1Q23).
The group’s Cotai operation, Wynn Palace, saw some $586.9 million in operating revenues during the three-month period, up by $217.5 million yearly, while adjusted property EBITDAR was some $202.4 million – almost double from a year prior.
The group’s peninsular property brought in some $411.7 million in operating revenues, up $181 million yearly, with EBITDAR at $137.2 million (a strong rise from $44.7 million in 1Q23).
The group notes that its increase in operating revenues overall were largely driven by increases in its Macau properties, ‘resulting from an increase in gaming volumes, hotel occupancy, and covers at our restaurants’.
Total casino revenue for the group, including its non-Asian operations, improved by 46.2 percent yearly, hitting $1.12 billion, while non-casino revenue was up 12.9 percent, to $741.44 million – making company-wide revenue hit $1.86 billion, up 30.9 percent yearly.
Casino revenues at Wynn Palace were up 75 percent yearly, to $473.78 million, while those at Wynn Macau rose 96.4 percent, to $346.35 million.
The group maintained some 98.8 percent occupancy at its Cotai property and 99.4 percent at its peninsula property, up 10.7 and 8.5 percentage points, respectively.
Overall, the group – including its non-Asian operations, saw net income of $144.2 million, a strong increase from the $12.3 million recorded in 1Q23, while property EBITDAR rose to $654.5 million – up $216.8 million yearly – with gains seen across Wynn Macau, Cotai and Las Vegas, but with a decrease in Encore Boston Harbor.
