Casino resorts heavy-hitter Wynn Resorts has released its financial results for the third quarter of 2023.
The company reported operating revenues of US$1.67 billion (£1.37bn), a substantial increase on the previous year’s Q3 of US$889.7 million (£717.78m). Nevertheless, the company still posted a net loss of US$116.7 million (£94.15m).
The company’s Adjusted Property EBITDAR for the quarter was US$530.4 million (£427.91m), significantly up on the US$173.5 million (£139.97m) of Q3 2022.
Performance across the company’s portfolio–the Wynn Palace and Wynn Macau, as well as improvements in the company’s Las Vegas Operations and Wynn Interactive– was up; although, compared to the previous year, there was a slight decrease at Encore Boston Harbor.
Wynn Resorts’ Board of Directors announced a cash dividend of US$0.25 cents-per-share per share, scheduled to be paid to shareholders at the end of this month.
“Our third quarter results reflect continued strength across our property portfolio,” said Craig Billings, CEO of Wynn Resorts.
“Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers.
“In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses.
“On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE.”