Revenue jump for Wynn in Q4 results

Wynn Resorts has reported operating revenues of $1.84bn for Q4 2023, ending December 31.

The figure is an increase of $835.5m over the previous year’s Q4 total of $1bn.

Net income attributable to Wynn Resorts was $729.2m, up from $32.4m over the previous year.

In its financial report, the company put the jump in figures down to increased operating revenues from operations in Macau and Las Vegas, as well as “an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US.”

Adjusted Property EBITDAR was $630.4m compared to $195.1m over the previous year.

“The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau,” said Craig Billings, CEO of Wynn Resorts.

“On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a ‘must see’ tourism destination in the UAE. We are excited about the outlook for the company, and we will continue to focus on driving long-term returns for shareholders.”