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Wynn Resorts Limited posted strong fourth-quarter earnings with operating revenues rising to $1.84 billion and recording $729.2 million in net income.
Highlights for Wynn Resorts 2023 Q4 financial results
- Operating revenue saw a spike of 83.55% in Q4, which ended Dec. 31, 2023.
- Net income resulted in a 2,148.115% increase from the same period in 2022.
- Adjusted Property EBITDA was $2.11 billion in Q4 2023.
Wynn Resort’s operating revenues reached a significant high of $1.84 billion, an 83.55% increase from 2022’s fourth quarter when the figure stood at $1.00 billion. This showed that the increase from Q4 2022 to Q4 2023 was $835.5 million.
From the $1.84 billion, casinos earned the most at $1.06 billion, and other areas like rooms, food and beverages, entertainment, retail, and others came to about $774 million.
Net income for Wynn Resorts for the fourth quarter of 2023 reached $729.2 million, a massive increase from Q4 2022, which stood at $423.9 million. The financial reports showed that this significant increase was driven by the increase in operating revenues from both its Macau and Las Vegas ventures.
The Adjusted Property EBITDA, which was $2.11 billion for the 2023 fourth quarter, was higher than that same period in 2022, as the figure for then was $725.4 million, showing a 190.72% increase.
In the Wynn Resorts’ Q4 and Year End 2023 Results, Chief Executive Officer Craig Billings attributed the company’s growth in Adjusted Property EBITDA to its keen focus on hospitality on all properties.
“The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston, and Macau.”
Wynn repurchased shares and declared cash dividends
At the moment, Wynn Resorts’ stock prices are at $90.56, reflecting a decline compared to the previous trading session. Nonetheless, in the fourth quarter, the company repurchased shares amounting to $139 million.
Regardless of these fluctuations, the Board of Directors has declared a cash dividend of $0.25 per share. This dividend will be distributed to all stakeholders recorded as of February 20, 2024, with the payout scheduled for February 29, 2024.
2024 outlook
While its online sportsbook WynnBET is leaving Massachusetts, the company is making up on other fronts by expanding into different markets, including its new structure in another tourist region, the UAE. Craig added:
“On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete and preparations underway to start vertical construction of the hotel tower.
We are confident the resort will be a ‘must see’ tourism destination in the UAE. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders.”
Also, the company is now in the preparation phase of commitments on concessions in Macau, and working on several possible capital expenditures. Wynn Resorts has a strong liquidity position despite these lofty plans; it has around $4.5 billion in global cash and credit power.
