11 May

Gambling News

Wynn mitigates losses as revenue surges by 29.4% in Q1

Wynn Resorts announced a 29.4% rise in revenue and a 34.8% decrease in losses for the first quarter of 2022.
Wynn Thailand's total revenue for the quarter ending 31 March 2022 was $953.3 million (£772.5 million/€903.7 million), an increase from $736.7 million in the prior year.

The majority of this sum originated from gaming, however its contribution decreased by 5.1% year-over-year to $489.9 million.

Rooms revenue surged by 123.6% to $170.4 million, while food and beverage sales increased by 154.0% to $174.0 million. Revenue from entertainment, retail, and other sources increased substantially, rising 57.1% to $119.1 million.

The operator's Las Vegas businesses propelled this rise, with revenue increasing 146.9% year-on-year to $441.2 million. Simultaneously, the Encore Boston Harbor's contribution increased by 45.7% to $190.8 million.

Wynn reported that its activities in Macau remained adversely affected by travel restrictions and conditions stemming from the Covid-19 epidemic, including testing and other mitigating measures.

Consequently, income from Wynn Palace decreased by 31.2% to $163.3 million, and Wynn Macau experienced a 24.8% decline in sales to $135.1 million.

Total operational expenses for the first quarter increased by 14.8%, amounting to $1.05 billion.

Wynn reported an operational loss of $94.9 million for the quarter, representing an improvement from the $175.7 million loss recorded in the previous year.

Wynn reported an extra $158.6 million in other expenses, chiefly $152.2 million in interest charges, leading to a pre-tax loss of $253.5 million, an improvement over the $335.7 million loss from the previous year.

The operator remitted $1.1 million in taxes, resulting in a net loss of $254.6 million for the three-month period, in contrast to $336.2 million in Q1 2021. Nonetheless, after considering $71.3 million in net profit from non-controlling interests, the total net loss amounted to $183.3 million, representing an improvement from $281.0 million the previous year.

Furthermore, Wynn reported that adjusted property earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 201.5% year-over-year to $177.6 million.

Our first quarter results demonstrate sustained strength at both Wynn Las Vegas and Encore Boston Harbour, where our teams' unwavering commitment to five-star hospitality and exceptional experiences, coupled with robust customer demand, has resulted in a new first quarter record for adjusted property EBITDA at both locations', stated Wynn CEO Craig Billings. 

“In Macau, we are assured that the market will thrive with the resurgence of visitors once travel restrictions are lifted.”