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Wynn Resorts suffers first quarter loss of US$183 million

CEO Craig Billings stresses company remains confident and market will bounce back once travel restrictions are relaxed.

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CEO Craig Billings stresses company remains confident and market will bounce back once travel restrictions are relaxed.

ARTICLE BY

PUBLISHED

UPDATED: 22 Dec 2023, 4:41 am

Wynn Resorts has announced its first quarter financial results, with operating revenues of US$953.3 million, an increase of US$216.7 million from US$736.7 million for the first quarter of 2021.

Net loss attributable to Wynn Resorts was US$183.3 million, compared to US$281 million in the first quarter of 2021.

Adjusted Property EBITDA was US$177.6 million, substantially more than the US$58.9 million for the same period last year.

While praising the performance of the company’s US properties, CEO Craig Billings commented: “In Macao, we remain confident that the market will benefit from the return of visitation when travel restrictions subside.”

He noted that the company’s Macao operations continued to be negatively impacted by travel-related restrictions and conditions, including Covid-19 testing and other mitigation procedures.

Operating revenues from Wynn Palace were US$163.3 million, a decrease of US$74 million from US$237.3 million for the first quarter of 2021. Adjusted Property EBITDA from Wynn Palace was US$0.9 million for the first quarter of 2022, compared to US$27.4 million for the first quarter of 2021.

VIP table games win as a percentage of turnover was 2.05 per cent, below the property’s expected range of 3.1 to 3.4 per cent and below the 4.38 per cent experienced in the first quarter of 2021.

Table games win percentage in mass market operations was 20.9 per cent, below the 21.7 per cent experienced in the first quarter of 2021.

Operating revenues from Wynn Macau were US$135.1 million, a decrease of US$44.6 million from US$179.7 million for the first quarter of 2021. Adjusted Property EBITDA was US$4.7 million, compared to $16.6 million for the first quarter of 2021.

VIP table games win as a percentage of turnover was 3.84 per cent, above the 3.25 per cent experienced in the first quarter of 2021. Table games win percentage in mass market operations was 17.5 per cent, slightly below the 17.8 per cent experienced in the first quarter of 2021.

 

UPDATED: 22 Dec 2023, 4:41 am

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