Wynn Resorts Achieves Strong 2023 Results and Announces Dividend

Wynn Resorts, Limited, a key player in the global igaming and hospitality industry, has reported a notable financial performance for the fourth quarter and the full year ended December 31, 2023. The company’s strategic operations and expansion efforts have yielded substantial revenue growth and profitability, marking a year of significant achievements.

For the fourth quarter of 2023, Wynn Resorts experienced an impressive increase in operating revenues, reaching US$1.84 bn (£1.46 bn/€1.71 bn), up $835.5 million from $1.00 billion in the same period of 2022. This surge was largely driven by enhanced operations in Macau and Las Vegas, contributing to a net income of $729.2 million for the quarter, a substantial rise from $32.4 million in the fourth quarter of the previous year. The company also benefited from an income tax advantage, further boosting its financial standing.

The diluted net income per share saw a remarkable increase to $6.19, up from $0.29 in the corresponding quarter of 2022. Additionally, Adjusted Property EBITDAR for the quarter stood at $630.4 million, demonstrating a significant improvement from $195.1 million in the fourth quarter of 2022. This growth reflects Wynn Resorts’ effective management and operational strategies across its diverse portfolio.

On an annual basis, Wynn Resorts reported operating revenues of $6.53 billion for the year ended December 31, 2023, marking a $2.78 billion increase from $3.76 billion in the previous year. This revenue growth across its operations, particularly in Wynn Palace and Wynn Macau, alongside its Las Vegas and Encore Boston Harbor operations, underscores the company’s robust market presence and operational efficiency.

The net income for 2023 was reported at $730.0 million, or $6.32 per diluted share, a significant turnaround from a net loss of $423.9 million, or $3.73 per diluted share, in 2022. The adjusted net income also reflected positive momentum, with $462.3 million, or $4.10 per diluted share, compared to an adjusted net loss in the prior year. These results highlight Wynn Resorts’ successful recovery and growth trajectory, underpinned by sustained profitability in the U.S. and strategic tax benefits.

Furthermore, Adjusted Property EBITDAR for 2023 reached $2.11 billion, a testament to the company’s strong operational performance and strategic focus across its global operations. This achievement represents a substantial increase from $725.4 million in 2022, indicating effective revenue management and operational excellence.

In line with its strong financial performance, Wynn Resorts’ Board of Directors has declared a cash dividend of $0.25 per share, payable on February 29, 2024, to stockholders of record as of February 20, 2024. This dividend announcement reflects the company’s commitment to delivering value to its shareholders and confidence in its ongoing growth and profitability.

Wynn Resorts’ achievements in 2023 demonstrate its resilience, strategic foresight, and commitment to excellence in the igaming and hospitality sectors. With a focus on innovation, operational efficiency, and market expansion, Wynn Resorts is well-positioned for continued success in the years to come.

“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, Limited. “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.”

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