Wynn Resorts Reveals Q2 2023 Financial Overview

For the quarter ending June 30, 2023, Wynn Resorts, Limited (NASDAQ: WYNN) reported operating revenues of $1.60 billion, an increase from the $908.8 million in the second quarter of 2022.

The net income for the second quarter of 2023 was $105.2 million, in contrast to a net loss of $130.1 million in the second quarter of 2022. The diluted net income per share for the recent quarter was $0.84, while the previous year’s second quarter saw a diluted net loss per share of $1.14.

The revenue distribution for the second quarter of 2023 includes an increase of $409.7 million at Wynn Palace, $243.0 million at Wynn Macau, $17.0 million from Las Vegas operations, $11.8 million at Encore Boston Harbor, and $5.5 million from Wynn Interactive, all in comparison to the second quarter of 2022.

The adjusted net income for the second quarter of 2023 was $103.3 million, or $0.91 per diluted share. In comparison, the second quarter of 2022 reported an adjusted net loss of $93.7 million, or $0.82 per diluted share.

For the second quarter of 2023, Adjusted Property EBITDAR was $524.5 million. This shows a rise from the $179.2 million in the second quarter of 2022. The breakdown reveals an increase of $206.6 million at Wynn Palace, $130.0 million at Wynn Macau, $5.4 million at Encore Boston Harbor, and $6.0 million at Wynn Interactive. However, there was a decrease of $2.6 million from the Las Vegas Operations compared to the previous year’s second quarter.

A cash dividend of $0.25 per share has been declared by Wynn Resorts, Limited’s Board of Directors, with the payment date set for August 31, 2023, for stockholders on record as of August 21, 2023.

“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, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties. In Macau, the post-COVID 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.”