Wynn Resorts has clocked an all-time high Property EBITDAR during the first quarter of 2024, helped by Las Vegas’s first Super Bowl and Macau’s Lunar New Year holidays. The results surpassed the previous record, set in Q4 of 2023, which was driven by November’s Formula One race in Las Vegas.
The company reported operating revenues of $1.86 billion for the first quarter of 2024, an increase of $439.2 million. Net income at Wynn Resorts stood at $144.2 million, compared to $12.3 million in Q1 of 2023. Diluted net income per share was $1.30 during the quarter this year as against a net loss per share of $0.02 for the first quarter of 2023.
On a consolidated basis, Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million from $429.7 million during the same period of last year.
Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and in its Las Vegas Operations, respectively, while decreasing slightly by $0.3 million at Encore Boston Harbor, from the first quarter of 2023. Wynn Las Vegas’ $246 million of adjusted property EBITDAR marked a first-quarter record and was up 6% year over year on a difficult comparison.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets,” said Craig Billings, CEO of Wynn Resorts, Limited.
“On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE. We are excited about the outlook for the company, and we believe we are well positioned to deliver continued long-term growth.”
Looking at the individual properties, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023. Billings attributed this increase to a packed calendar during Q1.
“Most of the action in the first quarter was concentrated in February with the Super Bowl and Chinese New Year,” said CEO Craig Billings. “The quarter was characterized by strong performance in our non-gaming businesses, with revenue growing 16% year on year, led by 21% growth in hotel revenue, along with healthy volumes in the casino.”
The trends are continuing, said Billings, with drop, handle, and revenue per room all up in April compared to last year. On the development front, in Macau, Wynn began the construction of a food hall and is in the process of designing other capital expenditures, including a new event and entertainment center and theater.
Meanwhile, the company’s development across Boston Harbor has been put on hold, as Wynn has been unable to reach an agreement with local authorities on financial terms.
Wynn is looking at new development opportunities elsewhere, including New York City and potentially Thailand. “In New York, we believe a full-scale Wynn integrated resort in Hudson Yards will drive meaningful tax revenue, tourism, and employment,” Billings said. As for the Thailand opportunity, the CEO said it is in its “early days,” as they have yet to see the regulatory and licensing instructions.
Original article: https://www.yogonet.com/international/noticias/2024/05/09/72090-wynn-resorts-reports-record-high-property-ebitdar-in-q1-amid-strong-revenue-growth
