Wynn’s Q2 results ‘reflect post-Covid recovery’

Wynn Resorts has released its Q2 results which show a dramatic recovery in performance from its Macau-based resorts against 2022.

Wynn Palace ended the quarter at $468.4m in operating revenues compared to $58.7m against the previous year’s Q2, while Wynn Macau reached £301.6m compared to last year’s $58.6m.

Accounting for all the company’s properties across the globe, Wynn’s combined operating revenues for the quarter were $1.6bn, an increase of $687m from $908.8m last year.

Net income attributable to Wynn Resorts was $105.2m, compared to net loss of $130.1m last year.

Diluted net income per share was $0.84, against Q2 2022’s figure of $1.14.

Adjusted Property EBITDAR was $524.5m for Q2 2023, compared to $179.2m for Q2 2022.

“Our second quarter results reflect continued strength in North America and Macau,” said Craig Billings, CEO of Wynn Resorts. “In the US, Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties.

“In Macau, the post-COovid recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a ‘must see’ tourism destination in the UAE.”