Wynn Resorts has reported financial results for the first quarter ending March 31, 2024.
Operating revenues were $1.86 billion for the period, an increase of $439.2 million from the $1.42 billion for the first quarter of 2023. Net income was $144.2 million for the first three months of 2024, compared to $12.3 million for the same period last year.
Adjusted property earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs (EBITDAR) amounted to $646.5 million for this year’s first quarter, compared to $429.7 million in 2023.
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In Macao, operating revenues from Wynn Palace were $586.9 million for the first quarter of 2024, an increase of $217.5 million from the $369.4 million generated in the comparable period last year. Adjusted property EBITDAR from Wynn Palace was $202.4 million, compared to 2023’s first quarter result of $111.1 million.
At Wynn Macau, operating revenues were $411.7 million for this year’s first quarter – an increase of $181.0 million from the $230.7 million reported in the first three months of 2023. Adjusted property EBITDAR reached $137.2 million over the period, compared to $44.7 million in the same period of 2023.
Commenting on the results, CEO Craig Billings said: “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 … We are excited about the outlook for the company, and we believe we are well positioned to deliver continued long-term growth.”
