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Wynn reports Jan-Feb revenue growth

Wynn Macau property in Nape recorded total revenues of US$418.1 million in the first two months of the year, up 18.8 percent year on year.

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UPDATED: 22 Dec 2023, 5:50 am

Wynn Resorts Thursday reported revenue growth at its two Macau resorts in the first two months, indicating that the February 6 high-profile resignation by CEO Steve Wynn, who founded the company, over sexual harassment allegations has not affected the casino-hotel operator’s business prospects.

Steve Wynn was immediately succeeded as CEO by Matt Maddox, the company’s then president.

Steve Wynn has vehemently denied the allegations.

According to Thursday’s statement to the Hong Kong Stock Exchange, the company’s Wynn Macau property in Nape recorded total revenues of US$418.1 million in the first two months of the year, up 18.8 percent year on year. Wynn Palace in Cotai recorded total revenues of US$437.2 million, up 37.4 percent.

The statement underlined the “continued strength at Wynn Macau” and the “meaningful year-on-year ramp-up at Wynn Palace”.

The statement also stressed that during last month’s 10-day Chinese New Year (CNY) period, total adjusted property EBITDA was up 46 percent over the CNY period last year, “reflecting the inherent synergies in our international business model.”

The statement by Hong Kong-listed Wynn Macau, Limited was issued by Hong Kong mogul Allan Zeman in his capacity as chairman of the board of directors.

UPDATED: 22 Dec 2023, 5:50 am

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