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Wynn reports a strong first quarter performance for its Macao resorts

Craig Billings, CEO of Wynn Resorts, said the company was ‘well-positioned for success in Macau’s next phase of growth’.

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Craig Billings, CEO of Wynn Resorts, said the company was ‘well-positioned for success in Macau’s next phase of growth’.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:34 pm

Both of Wynn’s Macao properties returned to profit in the first quarter of this year, according to a regulatory filing made on Tuesday by Wynn Resorts. 

Operating revenues at the flagship Macao property, Wynn Palace, stood at  $369.4 million (roughly 2.98 billion patacas) for the first quarter of 2023, Wynn Resorts said.

The sum represents an increase of $206.0 million from the $163.3 million recorded during the same period last year. 

Meanwhile, operating revenues at Wynn Macau stood at US$230.7 million (about 1.8 billion patacas) for the first three months of the year, according to the same filing.

The figure represents a year-on-year increase of $95.6 million. 

[See more: Covid-19 taught Macao’s casinos to keep their costs down and they plan to keep it that way]

At Wynn Palace, adjusted earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs stood at $111.1 million (some 898 million patacas) for the first quarter of 2023, compared to $0.9 million loss for the first quarter of 2022. 

For Wynn Macau, the figure was $44.7 million (about 361.3 million patacas) for the first quarter of 2023, compared to a $4.7 million loss for the first quarter of 2022.

Craig Billings, CEO of Wynn Resorts, said: “In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses. We believe we are well-positioned for success in Macau’s next phase of growth”.

 

UPDATED: 21 Dec 2023, 11:34 pm

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