For the three months ending March 31, 2022, Wynn reported a total revenue of $953.3 million (£772.5 million/€903.7 million), marking a substantial increase from the $736.7 million reported for the same period last year.
Gaming revenue accounted for a significant portion of this total, despite a year-on-year decline of 5.1% to $489.9 million. This decrease was more than offset by a remarkable 123.6% increase in room revenue, which reached $170.4 million. Additionally, food and beverage revenue surged by 154.0% to $174.0 million. Other categories, including entertainment, retail, and additional revenue sources, also saw significant growth, climbing 57.1% to $119.1 million.
The surge in revenue was largely fueled by Wynn's operations in Las Vegas, where revenue soared by 146.9% year-on-year to $441.2 million. In contrast, Encore Boston Harbor achieved a 45.7% increase in revenue, totaling $190.8 million.
Wynn acknowledged ongoing challenges in Macau due to travel restrictions and conditions related to the COVID-19 pandemic, such as testing requirements. Consequently, revenue from Wynn Palace fell by 31.2% to $163.3 million, while Wynn Macau saw a 24.8% decline in revenue to $135.1 million.
Operating expenses for the first quarter were up 14.8% to $1.05 billion, leading to an operating loss of $94.9 million. However, this marks an improvement compared to the $175.7 million loss from the previous year. Wynn also reported an additional $158.6 million in other expenses, primarily driven by $152.2 million in interest costs, resulting in a pre-tax loss of $253.5 million, which is an improvement from last year's $335.7 million loss.
After accounting for $1.1 million in taxes, Wynn's net loss for the quarter was $254.6 million, compared to $336.2 million in Q1 2021. Once $71.3 million in net profit from non-controlling interests was taken into consideration, the total net loss stood at $183.3 million, better than the previous year’s $281.0 million loss.
Furthermore, adjusted property earnings before interest, tax, depreciation, and amortization (EBITDA) increased significantly by 201.5% to $177.6 million.
"Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams’ unrelenting focus on five-star hospitality and world-class experiences combined with very strong customer demand to deliver a new first quarter record for adjusted property EBITDA at both properties," stated Wynn's CEO, Craig Billings.
"In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside."
