Wynn Resorts: Delivering the Quarter We’ve Been Waiting For, Bolstered by China
Wynn Resorts has reported strong financial results for the quarter ended March 31, 2023, surpassing market expectations. The casino operator’s earnings were boosted by a strong performance from its resorts in China, as well as a rebound in Las Vegas demand.
Revenue for the first quarter was $2.77 billion, a 15% increase compared to the same period last year. Net income was $582.5 million, up from $90.2 million in the first quarter of 2022.
Wynn Resorts President and CEO, Matt Maddox, credited the company’s performance to a combination of factors. “Our results were driven by strong demand across all segments of our business with particular strength in our premium mass segments,” he stated in a press release.
Maddox also highlighted the ongoing success of Wynn Macau and Wynn Palace, the company’s two properties in China. Revenue from the Macau properties increased by 18.7%, while the Palace saw a 15.5% rise in revenue.
In addition, Wynn’s Las Vegas operations saw a significant improvement in demand. The company reported a 23.5% increase in revenue per available room (RevPAR) and a 14.7% increase in occupancy compared to the same quarter last year.
The strong performance in China and Las Vegas helped to offset the impact of the ongoing COVID-19 pandemic on Wynn’s business. The company reported a decrease in revenue from its Encore Boston Harbor property, which has been affected by restrictions on travel to the United States.
Despite the challenges posed by the pandemic, Wynn Resorts remains optimistic about the future. Maddox stated, “We remain confident in our ability to navigate this difficult environment and emerge stronger, as we have done before.”
The company is continuing to pursue growth opportunities in new markets. In late 2022, Wynn announced plans to build a new resort in Japan, and it is also exploring options in other countries in Asia.
In conclusion, Wynn Resorts has delivered a strong first quarter performance, driven by its properties in China and a rebound in demand in Las Vegas. The company’s ongoing efforts to expand into new markets show that it is committed to long-term growth despite the challenges posed by the pandemic.