The Macau operations of Wynn Resorts Ltd soared back into profit in 1Q23, with the company reporting operating income of US$47.1 million and Adjusted Property EBITDAR of US$155.8 million.
The results reversed an income loss of US$98.3 million and an Adjusted EBITDAR loss of US$5.5 million in the same period last year, boosted by the reopening of Macau’s borders on 8 January.
Wynn had previously reported a US$181.3 million income loss and US$59.1 million Adjusted property EBITDAR loss in the December 2022 quarter.
The 1Q23 result saw a 126% year-on-year increase in revenues at Wynn Palace to US$369.4 million, including a 137% increase in casino revenues to US$270.7 million. Mass table games dominated with win of US$260.9 million, while VIP table games produced win of US$62.4 million and slot machines win of US$25.4 million.
Adjusted Property EBITDAR of US$111.1 million reversed a US$864,000 loss in 1Q22.
At peninsula property Wynn Macau, operating revenues grew by 71% year-on-year to US$230.7 million of which US$176.4 million was driven via casino gaming. Mass table games produced win of US$168.4 million, while VIP table games contributed win of US$30.8 million and slot machines win of US$16.3 million.
Adjusted Property EBITDAR of US$44.7 million at Wynn Macau reversed a US$4.7 million loss a year earlier.
Group-wide, Wynn Resorts reported net income of US$12.3 million in 1Q23, compared to a US$183.3 million loss in the March 2022 quarter, with operating revenues rising 49% year-on-year to US$1.42 billion. Adjusted Property EBITDAR of US$429.7 was up 142% on the same period last year.
“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,” said Wynn CEO, Craig Billings.
“In the US, Wynn Las Vegas and Encore Boston Harbor are firing on all cylinders, generating a new all-time record for Adjusted Property 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.”
With the company profitable again following the challenges of the COVID years, Wynn Resorts also announced the return of quarterly dividends with US$0.25 per share to be paid out for the March 2023 quarter.
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