While Xi Says Hi, It’s Wynn-Wynn For Wynn Resorts
Gambling gentry Wynn Resorts–big in Vegas, big in Macau–has reported a spectacular Q1, posting operating revenues of US$1.42 billion (£1.12bn) compared to the US$953.3 million (£755.14m) of the first quarter last year.
Boosted in great part by the stunning volte-face of China’s maximum leader Xi Jinping, who lifted the draconian Covid19 lockdown in his nation of 1.3 billion, which severely impacted business in the gaming entrepôt of Macau, where Wynn is one of six “made” foreign operators, the company has, accordingly, been able to reinstate its quarterly dividend programme of US25-cents-a-share.
“[We] are firing on all cylinders,” affirmed Wynn Resorts CEO Craig Billings.
“For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team’s relentless focus on delivering five-star hospitality and experiences to our guests.”
Only Wynn’s iGaming vertical, Wynn Interactive, bucked the upward trend, posting a US$2.4 million drop in operating revenues, YoY, in the quarter, ending March 31, 2023.
All other divisions–Las Vegas Operations (US$145.6m/£115.33m), Wynn Palace (US$206m/£163.18m), Wynn Macau (US$95.6m/£75.72m) and Encore Boston Harbor (US$25m/£20.19m)–showed significant revenue increases.
Wynn posted total corporate debt of US$12.25 billion (£9.7bn).
Added CEO Billings: “[We] generated a new all-time record for Adjusted EBITDAR at our combined North American properties during the quarter.
“In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses.
“We believe we are well-positioned for success in Macau’s next phase of growth.”
It’s definitely back to the future for Wynner.