Wynn Resorts Posts Strong Performance and Results for Q4 22
The leading operator and developer of luxury resorts and hotels, Wynn Resorts, released its fourth quarter and 2022 unaudited results reporting a slight decrease in revenue but overall good performance
On Wednesday, the company posted its preliminary 2022 results, showing that its operating revenues for the year ended December 31, 2022, hit $3.76 billion, marking a flat result when compared to the corresponding period a year ago. Adjusted property EBITDAR for 2022 hit $725.4 million, marking an increase when compared to the $596.4 million result for the year ended December 31, 2021. The net loss attributable to Wynn Resorts for 2022 was $423.9 million or $3.73 per diluted share when compared to a net loss for the same period in 2021 of $755.8 million or $6.64 per diluted share.
The recent trading update revealed that the total operating revenue in Q4 2022 hit $1 billion, marking a slight decrease from the $1.05 billion result from Q4 2021. A breakdown of the $1 billion in revenue reported for Q4 2022 revealed that the casino revenue for the fourth quarter decreased while revenue from other segments increased.
In Q4, 2021, casino revenue hit $518.1 million, while in Q4, 2022, it halted at $423.2 million. However, room and food and beverage revenues in Q4 both marked an increase hitting $233.3 million and $217.6 million respectively. For the fourth quarter, Wynn’s revenue from entertainment, retail and other operations was flat when compared to Q4 2021, hitting $131 million.
Casino Revenue Dips in 2022, Other Operating Segments Mark Increase
The latest trading update provided a breakdown of the $3.76 billion revenue reported for 2022 by Wynn Resorts. Not unexpectedly, the lion’s share of the revenue came from the company’s casino operations. For 2022, Wynn’s casino operating revenues hit $1.6 billion, marking a decrease when compared to the $2.1 billion in casino operating revenues reported for 2021.
Although casino operating revenues for 2022 decreased, all of the other of Wynn’s operating segments reported an increase last year when compared to 2021. The company’s room operating revenues hit $802.1 million, marking a significant increase from the 2021 result which was $592.6 million.
Additionally, food and beverage operating revenues in 2021 halted at $633,9 million for 2021, but in 2022, increased to $846.2 million. Last but not least, Wynn’s entertainment, retail and other revenues increased to $475.9 million in 2022, judging by the latest report
“Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin.“
Craig Billings, CEO of Wynn Resorts
Wynn Resorts’ CEO, Craig Billings, said that the company’s Encore Boston Harbor and Las Vegas operations reported a record for North America in adjusted property EBITDAR within the fourth quarter. Calling the results impressive, he commended the company’s dedicated team members for their efforts in delivering supreme services for the guests. Finally, Billings acknowledged that the company was excited to secure a 10-year gaming concession in Macau which paves the way for future growth.
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