In the first quarter of 2024, Wynn Resorts Ltd’s Macau operations experienced a remarkable surge in performance, showcasing robust revenue growth and an impressive recovery trajectory.
Overview of Financial Performance:
Wynn Resorts’ Macau operations demonstrated substantial growth in the first quarter of 2024, with total operating revenues reaching US$998.6 million, marking a notable increase of 66.4% year-on-year. Moreover, this figure represented a 9.7% uptick from the preceding quarter, underscoring the company’s upward trajectory.
Peninsula Property Performance:
The peninsula property, Wynn Macau, emerged as a significant contributor to the overall growth, reporting operating revenues of US$411.7 million, reflecting a remarkable surge of 78.5% year-on-year. Notably, casino revenues witnessed a staggering 96.4% increase, fueled by robust performances across mass and VIP table games, as well as slots. Adjusted Property EBITDA soared by an impressive 207% year-on-year to US$137.2 million, with a staggering hotel occupancy rate of 99.4%.
Wynn Palace in Cotai:
Wynn Palace, situated in Cotai, also showcased substantial growth, with operating revenue surging by 58.9% year-on-year to US$586.9 million. The casino segment, in particular, witnessed a robust uptick, driven by significant increases in mass and VIP table games revenue. Hotel occupancy stood at an impressive 98.8%, underscoring the property’s popularity among visitors.
Group-Wide Performance:
Parent company Wynn Resorts recorded a commendable 30.9% year-on-year increase in group-wide operating revenues, totaling US$1.86 billion. Notably, net income saw a substantial rise to US$144.2 million compared to the previous year, indicating a strong financial performance across the board.
CEO Perspective and Future Outlook:
Craig Billings, CEO of Wynn Resorts, expressed confidence in the company’s performance and outlook, attributing the success to strategic investments and unique programming. He emphasized the company’s leadership position in each market and anticipated continued long-term growth.
The first quarter of 2024 witnessed an exceptional performance by Wynn Resorts’ Macau operations, characterized by robust revenue growth and improved profitability. With strategic investments, a strong leadership position, and an optimistic outlook, Wynn Resorts is poised for sustained growth and success in the future.