For yet another quarter, Wynn Resorts Ltd. is all smiles.
The online gambling and casino operator released its second-quarter earnings on Thursday, led by strength in North America and continued recovery from the Covid-19 pandemic in Macau.
2023 Q2 Wynn Resorts financial highlights
During the company’s Q2 earnings call, the Las Vegas-based operator reported a profit of $105.2 million, or 84 cents a share. Revenue rose to $1.6 billion compared to $908.8 million a year earlier. Similar to this year’s Q1 earnings, the company beat the $1.54 billion estimate expected by Wall Street analysts.
- Operating revenue: $1.60 billion
- Net income: $105.2 million
- Adjusted Property EBITDAR: $524.5 million
- Cash dividend: $0.25 per share
During the company earnings call, Wynn Resorts CEO Craig Billings said second quarter results reflect continued strength in North America and Macau.
“In the US, 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.”
The company’s Las Vegas operating revenue was $578.1 million, up $17 million from the year prior. Wynn noted its table game win percentage (22.9%) was within its expected range of 22% to 26%. However, it was well below the 24.6% reported in Q2-2022.
As for Encore Boston Harbor, its operating revenue stood at $221.9 million, an increase of $11.8 million from Q2-2022.
Macau remains strong
Operating revenue from Wynn Palace was $468.4 million, up $409.7 million from $58.7 million in Q2-2022.
Wynn Macau experienced a similar increase, with its operating revenue increasing by $243 million to $301.6 million for Q2-2023.
“In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses,” Billings said.
“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.”
In addition, former Wynn Resorts Ltd. Chairman and CEO Steve Wynn signed a settlement agreement with the Nevada Gaming Control Board.
Under the terms of the settlement, Wynn agreed to never again be involved with a gaming company in the state of Nevada.