Wynn Resorts has reported operating revenues of $1.84 billion for the fourth quarter of 2023, marking an increase of $835.5 million from $1.00 billion in the same period last year. For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion the prior year.
Net income attributable to Wynn Resorts was $729.2 million for the fourth quarter of 2023, compared to net income of $32.4 million for Q4 2022. “The increase in net income was primarily the result of increased operating revenues from Macau operations and Las Vegas operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S,” the company explained.
Wynn saw the most success in Macau with significant growth at the Wynn Palace and Wynn Macau, following the removal of Covid measures. Q4 in particular marked the best financial quarter in company history, and CEO Craig Billings said February is shaping up as its best ever.
However, in contrast to land-based success, the operator keeps scaling down its online business. Wynn initially said it would cease interactive operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia. New York and Michigan remain under review, while it remains active in Nevada. However, CFO Julie Cameron-Doe said Wynn now looks to exit Massachusetts as well.
During the quarter, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, Las Vegas, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022.
The company’s adjusted net income stood at $213.7 million, or $1.91 per diluted share, for the fourth quarter, compared to an adjusted net loss of $138.7 million, or $1.23 per diluted share, in the same quarter in 2022. Adjusted Property EBITDAR was $630.4 million, compared to $195.1 million for the same period in 2022.
Craig Billings, CEO of Wynn Resorts, said: “The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. 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.”
“On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. 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 will continue to focus on driving long-term returns for shareholders,” he added.
The UAE resort will be located on 115 acres on Al Marjan Island, made up of four islands, in the emirate of Ras Al Khaimah. A leading tourism destination in UAE, Al Marjan Island is 15 minutes from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport.
Rendering for Wynn's planned UAE resort
Full-year overview
For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion the prior year. Meanwhile, operating revenues increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, Las Vegas, Encore Boston Harbor, and Wynn Interactive, respectively, from the prior year.
Net income was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to a net loss of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. Adjusted Property EBITDAR was $2.11 billion, compared to $725.4 million for the year ended December 31, 2022.
Wynn Resorts also announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on February 29, 2024, to stockholders of record as of February 20, 2024.
