Craig Billings
Wynn Resorts Limited Reports First Quarter 2024 Results
Wynn Resorts Limited has reported the financial results for the first quarter ended March 31, 2024.
Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets. On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and 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 believe we are well positioned to deliver continued long-term growth,” Craig Billings, CEO of Wynn Resorts Limited, said.
Consolidated Results
Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. For the first quarter of 2024, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023.
Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted net income attributable to Wynn Resorts Limited was $176.8 million, or $1.59 per diluted share, for the first quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $33.3 million, or $0.29 per diluted share, for the first quarter of 2023.
Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023. For the first quarter of 2024, Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $0.3 million at Encore Boston Harbor, from the first quarter of 2023.
Wynn Resorts Limited also announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 31, 2024 to stockholders of record as of May 20, 2024.
Wynn Resorts Limited reported financial results for the fourth quarter ended December 31, 2023.
Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022.
“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. 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,” Craig Billings, CEO of Wynn Resorts Limited, said.
Consolidated Results
Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. For the fourth quarter of 2023, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, the Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022.
Net income attributable to Wynn Resorts Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and the Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted net income attributable to Wynn Resorts Limited was $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts Limited of $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022.
Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, an increase of $435.3 million compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022. For the fourth quarter of 2023, Adjusted Property EBITDAR increased $195.1 million, $161.0 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, the Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the fourth quarter of 2022.
For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion for the year ended December 31, 2022. Operating revenues for the year ended December 31, 2023 increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, the Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the year ended December 31, 2022.
Net income attributable to Wynn Resorts Limited was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to net loss attributable to Wynn Resorts Limited of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US. Adjusted net income attributable to Wynn Resorts Limited was $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023, compared to adjusted net loss attributable to Wynn Resorts Limited of $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022.
Wynn Resorts has released its latest Environmental, Social and Governance (ESG) Report, outlining the Company’s 2022 responsibility programs. The report showcases ongoing initiatives including an expanding Diversity and Inclusion program, local philanthropic efforts, and new benchmarks in renewable energy.
“While there are many achievements outlined in this year’s ESG report, the thing I am most proud of is the substantial impact of our employees. Our talented and dedicated team continues to press forward to make a positive impact and set even bigger goals for the future,” Craig Billings, CEO of Wynn Resorts, said.
The 2022 ESG report illustrates long-standing corporate values of giving and programs that govern fair, transparent, and ethical behavior. Under the pillars of Our People, Our Communities, and Our Planet, notable actions include:
- Wynn Resorts introduced its inaugural Diversity Week, advancing the Company’s commitment to a diverse and inclusive workforce. Diversity Week promotes celebration, education, and understanding of diversity and inclusion and the various cultures existent within the Company. Daily activities across North America occurred over a one-week period in August and highlighted the Company’s three diversity focus areas: Workplace, Marketplace, and Community. The Company continues to invest in the Historically Black Colleges and Universities (HBCU) Recruitment Initiative, which builds partnerships with HBCUs that have hospitality and tourism programs. Through campus visits and targeted engagement, the program created awareness of employment opportunities with Wynn Resorts and welcomed its first cohort of graduates into the HBCU Management Training Program. In 2022, Wynn was recognized on Forbes’ list of “Best Employers For Diversity”, ranking in the top 12 companies in the Travel and Leisure category.
- Employee volunteerism doubled in 2022, compared to the previous year. Wynn employees in North America collectively volunteered more than 28,000 hours in 2022, with employees at Encore Boston Harbor accounting for three times the volunteerism impact compared to the previous year.
- 2022 set a record-breaking precedent for employee giving to the Wynn Employee Foundation. More than 2500 employee donors generously gave more than $800,000, the highest historical fundraising year for the Company. The Wynn Employee Foundation raises funds from employees to give back to the communities in areas where the Company operates. Wynn matches donations to the Employee Foundation dollar for dollar up to $75,000 per employee – the highest corporate match in the hospitality industry.
- Wynn Las Vegas determined that 49% of last year’s operational business hours were provided by carbon-free energy. The Company’s prior investment in energy independence laid the groundwork for continued development of renewable production resources in 2022, moving toward its goal to be Net-Zero by 2050. The Company invested in cutting edge technology to gain real-time insight into the sources of purchased electricity and the resort’s carbon footprint.
The Wynn Resorts ESG Report presents information that references select Global Reporting Initiative (GRI) Standards and Sustainability Accounting Board Standards (SASB).
Wynn Resorts Limited has announced that it will appoint Julie Cameron-Doe as its new Chief Financial Officer, effective in the second quarter of 2022 on completion of her notice period with her current employer. Ms. Cameron-Doe will succeed Craig Billings, who will become the Company’s CEO early next year.
“Julie is a proven leader and is a sitting public company CFO. Coming from the gaming industry, she understands many aspects of our business and she has diverse international experience. She is the clear choice for this position and her appointment rounds out our senior executive team. We are indeed fortunate to have her join us next year,” Craig Billings said.
Ms. Cameron-Doe will join Wynn Resorts from Aristocrat Leisure Ltd where she has served as Chief Financial Officer since 2018. She will bring a wealth of diverse financial experience to Wynn, having held senior finance roles at Aristocrat since 2013 as well as in global businesses, including Orbitz, The Walt Disney Company, and KPMG.
“To me, Wynn Resorts represents the gold standard in resort companies. The opportunity to work alongside Craig and the team, building on their legacy of excellence, is incredibly exciting. I look forward to contributing to the company’s growth and future development,” Julie Cameron-Doe said.
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