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Wynn Resorts sees a year-on-year jump in net income for the first quarter  

CEO Craig Billings credits ‘the investments we have made in our properties, our team and our unique programming’ for the strong performance.

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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.

[See more: Four concessionaires are expected to make dividend payments in 2024]

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.”

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