Wynn Resorts Post Strong Financial Results for First Quarter of 2023
LISTEN TO THIS ARTICLE:Wynn Resorts published its results for the first quarter of 2023, the period ending on March 31. The company unveiled an increase in operating revenues to $1.42 billion, up from $953.3 billion in the same period last year.
In Q1 2023, Wynn Resorts had net income of $12.3 million, compared to a loss of $183.3 million in Q1 2022. In the last quarter, the diluted net loss per share was $0.02 compared to $1.59 in the same period last year.
The company’s adjusted Property EBITDAR for Q1 2023 was $429.7 million, up from $177.6 million in the same period last year, an increase of 142%. Wynn Resorts also announced the resumption of its quarterly dividend program with a cash dividend of $0.25 per share. The dividend will be payable on June 6, 2023, to those who held stock on May 23, 2023. According to Wynn Resorts, the reinstatement of its dividend program is a testament to its financial strength, robust liquidity position, and commitment to shareholders.
Wynn Resorts also published consolidated results of their Las Vegas Operations, Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive. In Q1 2023, operating revenues were up $145.6 million, $206.0 million, $95.6 million, and $25.5 million at their Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, and were down $2.4 million at Wynn Interactive compared to the same period last year.
The company’s cash and cash equivalents at the end of Q1 2023 came to $3.84 billion. $1.61 billion was held by Wynn Macau and its subsidiaries, $1.85 billion was held by Wynn Resorts Finance excluding Wynn Macau, and $378.5 million was held at Corporate and others.
For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team’s relentless focus on delivering five-star hospitality and experiences to our guests. In the U.S., Wynn Las Vegas and Encore Boston Harbor are firing on all cylinders, generating a new all-time record for Adjusted Property EBITDAR at our combined North American properties during the quarter.
In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses. We believe we are well-positioned for success in Macau’s next phase of growth.
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