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Losses shrink for Wynn Resorts in the third quarter

CEO Craig Billings said he saw ‘particular strength’ in the group’s mass gaming, luxury retail and hotel businesses in Macao.

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CEO Craig Billings said he saw ‘particular strength’ in the group’s mass gaming, luxury retail and hotel businesses in Macao.

ARTICLE BY

PUBLISHED

UPDATED: 21 Dec 2023, 11:06 pm

Wynn Resorts has reported a net third quarter loss of US$116.7 million, compared to US$142.9 million for the third quarter of 2022.

Operating revenues were US$1.67 billion for the three months ending 30 September, up from US$889.7 million for the same period last year. Adjusted property earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at US$530.4 million compared to US$173.5 million for the third quarter of 2022.

Operating revenues from Wynn Palace were US$524.8 million for the third quarter of 2023, up from US$75.2 million in the same period last year. Adjusted property EBITDAR was US$177.0 million, compared to a loss of US$21.8 million for the third quarter of 2022. 

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Meanwhile, operating revenues from Wynn Macau were US$295.0 million for the third quarter of 2023, up from US$40.4 million for the same period last year. Adjusted property EBITDAR was US$77.9 million for the quarter, compared to a loss of US$43.8 million for the third quarter of 2022. 

“Our third quarter results reflect continued strength across our property portfolio,” said Craig Billings, CEO of Wynn Resorts.

“In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses,” he added.

 

UPDATED: 21 Dec 2023, 11:06 pm

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