Wynn Resorts has unveiled its financial results for the first quarter ending March 31, 2024.
The company reported operating revenues of US$1.86 billion (£1.48bn), showcasing a significant increase of US$439.2 million (£351.41m) compared to the same period in 2023.
Net income surged to US$144.2 million (£115.37m), a substantial rise from the US$12.3 million (£9.84m) reported in Q1 2023. Adjusted Property EBITDAR reached US$646.5 million (£517.28m) in the quarter, compared to US$429.7 million (£342.81m) for Q1 2023.
Detailing the results, operating revenues across Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor rose by US$217.5 million (£174.02m), US$181 million (£144.82m), US$49.8 million (£39.84m) and US$1.5 million (£1.2m), respectively, in the quarter year-on-year.
Wynn’s Board of Directors, accordingly, announced a cash dividend of US$0.25-per-share to stockholders, payable May 31.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter,” affirmed Wynn Resorts CEO Craig Billings.
“The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
“On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and 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 believe we are well positioned to deliver continued long-term growth.”
