The company announced an all-time record for adjusted property earnings during this period and shared positive outlooks for its resorts in both the United States and Macau.
Wynn Resorts Experiences Financial Revival in Q1 2023, Resumes Dividend Program
Operating revenues for the first quarter of 2023 reached $1.42 billion, representing a significant increase of $470.3 million compared to the same period in 2022. Net income also experienced a notable turnaround, with $12.3 million reported for Q1 2023, compared to a net loss of $183.3 million in Q1 2022.
Craig Billings, CEO of Wynn Resorts, praised the team’s commitment to delivering top-notch hospitality and experiences, stating: “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.”
The company’s success was highlighted by the exceptional performance of its resorts in the United States. Wynn Las Vegas and Encore Boston Harbor achieved record-setting adjusted property earnings during the first quarter, showcasing their strong performance and robust financial results. In Macau, Wynn Resorts experienced a significant return of visitation and demand, particularly in their mass gaming and retail businesses, following several challenging years.
As a result of the company’s robust financial position, Wynn Resorts announced the resumption of its quarterly dividend program. Stockholders of record as of May 23, 2023, will receive a cash dividend of $0.25 per share, payable on June 6, 2023.
Macau and Las Vegas Operations Flourish
The positive financial results were further broken down by individual properties. Wynn Palace, the company’s resort in Macau, reported operating revenues of $369.4 million for the first quarter of 2023, representing a significant increase of $206.0 million from the same period in 2022. Wynn Macau also performed well, with operating revenues of $230.7 million, up $95.6 million from Q1 2022.
The Las Vegas Operations of Wynn Resorts saw a substantial increase in operating revenues, reaching $586.8 million for the first quarter of 2023, compared to $441.2 million in Q1 2022. Encore Boston Harbor reported operating revenues of $216.3 million, showcasing growth with an increase of $25.5 million from the previous year.
With a cash and cash equivalents balance of $3.84 billion as of March 31, 2023, Wynn Resorts remains financially strong. However, the company has a total current and long-term debt outstanding of $12.25 billion, consisting of various debt components related to its operations.
Wynn Resorts’ outstanding financial performance in the first quarter of 2023 and its positive outlooks for its resorts in both the United States and Macau demonstrate its position for continued success in the gaming and hospitality industry.