Wynn Resorts’ Q3 2023 financial report was recently released, and it shows a significant increase in operating revenues. The report reveals that the company’s operating revenues for Q3 2023 amounted to $1.67 billion/€1.56 billion, representing an 87.8% increase compared to the same period in 2022. This marks a substantial growth of $782.2 million/€733.1 million from the operating revenues reported in Q3 of 2022, which stood at $889.7 million/€883.8 million.
Despite the positive revenue growth, Wynn Resorts reported a net loss of $116.7 million/€109.3 million for the reporting period. However, this represents a decrease of 18.3% from the net loss of $142.9 million/€133.9 million reported in the corresponding period in 2022. Additionally, the Adjusted Property EBITDAR for the reporting period was $530.4 million/€497.07 million, showing a significant increase from the $173.5 million/€162.5 million reported for the third quarter of 2022.
The financial report also highlighted the performance of Wynn Resorts’ individual resorts and subsidiaries for the third quarter of 2023. While operating revenues increased across most locations, with Wynn Palace and Wynn Macau showing notable growth, Encore Boston Harbor reported a decrease in operating revenues.
Group results for Q3 2023 showed a substantial increase in operating revenues, which amounted to $1.67 billion/€1.56 billion, marking an 87.8% increase. Operating expenses also increased by 69.8%, totaling $1.60 billion/€1.5 billion. Despite the rise in expenses, the company reported an operating income of $62.5 million/€58.5 million, contrasting with a loss of $52.9 million/€49.5 million in Q3 2022.
In terms of individual resort and subsidiary operating incomes, Wynn Palace and Wynn Macau reported positive figures, while Encore Boston Harbor and Wynn Interactive reported losses. Wynn Resorts’ CEO, Craig Billings, commented on the latest results, expressing the company’s strategic priorities and focus on driving long-term sustainable growth.
Overall, the Q3 2023 financial report reflects a positive trend in operating revenues for Wynn Resorts and its subsidiaries, signaling signs of recovery and growth for the company in the coming quarters.