Wynn Resorts Reports Strong Q4 2021 Results
Wynn Resorts (NASDAQ: WYNN), the casino and hotel operator, has published its financial results for the final quarter of 2021 and the year ending 31 December 2021.
According to the press release, in Q4 last year, Wynn Resorts (NASDAQ: WYNN) saw year-on-year revenue increases of $321.4 million and $100.1 million at its Las Vegas Operations and Encore Boston Harbor, respectively. However, at Wynn Palace and Wynn Macau, revenues fell by $27.5 million and $50.2 million, respectively.
In the same period, adjusted property EBITDA was $149.1 million, up from $69.8 million in Q4 2020. The adjusted property EBITDA increased by $165.1 million and $51.6 million at the group's Las Vegas Operations and Encore Boston Harbor, respectively. However, there was a decline for Wynn Palace and Wynn Macau of $30.1m and $35.2m, respectively.
In response to the initial outbreak of Covid-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened. Given the evolving conditions created by and in response to the Covid-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments with respect to Covid-19, and management continues to be unable to reasonably estimate the impact of such developments to the company’s future results of operations, cash flows, or financial condition.
The group’s operating revenues increased by 80% for the year ending 31 December 2021 to $3.76 billion. Wynn Resorts also started off 2022 with a bang, as it recently inked a deal for the construction of a luxury resort in the United Arab Emirates that will be the first to feature a “gaming area” in the Muslim Gulf state.
Craig Billings, Wynn Resorts CEO, said that he is “proud” of the teams at Wynn Las Vegas and Encore Boston Harbor for delivering record-adjusted property EBITDA. He added, “Our relentless focus on five-star hospitality and world-class experiences allowed us to further extend our leadership positions in Las Vegas and Massachusetts in 2021. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”
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