Casino operator Wynn Resorts beats fourth-quarter profit estimates on improved Las Vegas, Macau performance
- Wynn Resorts posted adjusted profit of US$1.91 per share, exceeding analysts’ estimates of US$1.15, while operating revenue came in ahead of expectations
- The strong momentum built throughout 2023 continued during the fourth quarter, with EBIDTAR reaching an all-time high, CEO Craig Billings says
Wynn Resorts, the controlling shareholder of Wynn Macau, beat fourth-quarter profit estimates on stronger gaming, luxury retail and hotel bookings at its Macau and Las Vegas properties.
The company posted adjusted profit of US$1.91 per share, exceeding analysts’ estimates of US$1.15, according to LSEG Data & Analytics. Operating revenue came in at US$1.84 billion, beating expectations of US$1.74 billion.
Net income jumped to US$729.2 million, compared with US$32.4 million in the same quarter in 2022, which the company said was mainly because of increased operating revenues from its Macau and Las Vegas operations.
“The strong momentum we built throughout 2023 continued during the fourth quarter, with adjusted property earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs (EBITDAR) reaching a new all-time record,” Craig Billings, CEO of Wynn Resorts, said in a statement.
Operating revenues from the Wynn Palace Macau hotel were US$524.4 million for the quarter ended December, an increase of 364 per cent from US$113.1 million in the same period a year earlier.
Adjusted property EBITDAR from Wynn Palace was US$171.1 million, compared with a loss of US$23.9 million in the same period a year earlier.
