Wynn Resorts, Limited Reports Second Quarter 2023 Results
Wynn Resorts, Limited Reports Second Quarter 2023 Results
August 9, 2023 LAS VEGAS--(BUSINESS WIRE)--Aug. 9, 2023-- Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial results for the second quarter ended June 30, 2023. Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted Property EBITDAR was $524.5 million for the second quarter of 2023, compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022.
"Our second quarter results reflect continued strength in North America and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well. In Macau, the post-COVID recovery accelerated during the quarter, with strength in our mass gaming, luxury retail and hotel businesses."
Consolidated Results
Operating revenues were $1.60 billion for the second quarter of 2023.
- Increase of $409.7 million at Wynn Palace.
- Increase of $243.0 million at Wynn Macau.
- Increase of $17.0 million at our Las Vegas Operations.
- Increase of $11.8 million at Encore Boston Harbor.
- Increase of $5.5 million at Wynn Interactive.
Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023.
Diluted net income per share was $0.84.
Adjusted net income attributable to Wynn Resorts, Limited was $103.3 million for the second quarter of 2023.
Adjusted Property EBITDAR was $524.5 million.
Property Results
Macau Operations
Wynn Palace: Operating revenues were $468.4 million for Q2 2023, up from $58.7 million in Q2 2022. Adjusted Property EBITDAR was $156.6 million.
Wynn Macau: Operating revenues were $301.6 million for Q2 2023, up from $58.6 million in Q2 2022. Adjusted Property EBITDAR was $89.6 million.
Las Vegas Operations
Las Vegas Operations: Operating revenues were $578.1 million for Q2 2023, an increase of $17.0 million from Q2 2022. Adjusted Property EBITDAR was $224.1 million.
Encore Boston Harbor: Operating revenues were $221.9 million for Q2 2023, up from $210.2 million in Q2 2022. Adjusted Property EBITDAR was $69.1 million.
Balance Sheet
- Cash and cash equivalents as of June 30, 2023, totaled $3.65 billion.
- Total current and long-term debt outstanding at June 30, 2023, was $12.14 billion.
Conference Call
The Company will hold a conference call on August 9, 2023, at 1:30 p.m. PT to discuss its results.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to risks and uncertainties.
Condensed Consolidated Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| Operating revenues: | ||||
| Casino | 912,999 | 359,585 | 1,679,991 | 849,447 |
| Rooms | 276,505 | 201,298 | 549,034 | 371,674 |
| Food and beverage | 257,036 | 229,816 | 489,647 | 403,836 |
| Entertainment, retail and other | 149,282 | 118,133 | 300,829 | 237,209 |
| Total operating revenues | 1,595,822 | 908,832 | 3,019,501 | 1,862,166 |
| Total operating expenses | 1,345,486 | 960,860 | 2,599,650 | 2,009,059 |
| Operating income | 250,336 | (52,028) | 419,851 | (146,893) |
| Net income (loss) attributable to Wynn Resorts, Limited | 105,184 | (130,051) | 117,516 | (313,375) |
| Diluted net income (loss) per share | 0.84 | (1.14) | 0.84 | (2.73) |
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR
| Three Months Ended June 30 | Six Months Ended June 30 | |||
|---|---|---|---|---|
| Net income (loss) attributable to Wynn Resorts | 105,184 | (130,051) | 117,516 | (313,375) |
| Adjusted Property EBITDAR | 524,458 | 179,159 | 954,204 | 356,740 |
Supplemental Data Schedule
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| Casino | ||||
| Rooms | ||||
| Food and beverage | ||||
| Entertainment, retail and other | ||||
| Total |
NM: Not meaningful.