The leading luxury resorts and casino company, Wynn Resorts, released its financial results for the three months ended June 30, 2022.
Wynn Unveils Financial Results for Second Quarter
Overall, the company reported operating revenue of $908.8 million in Q2, 2022. This marked a decrease of $81.3 million or 8.2% when compared to the $990.1 million in operating revenue reported for the same period last year.
The latest announcement reveals that the net loss attributable to Wynn Resorts for the period was $130.1 million or $1.14 per diluted share. When compared to the net loss for the same period in 2021, a slight decrease is observed, considering that last year the net loss was $131.4 million or $1.15 per diluted share. Adjusted EBITDA for the second quarter this year decreased when compared to 2021.
In Q2, 2022, adjusted EBITDA hit $179.2 million, marking a year-over-year decrease when compared to Q2, 2021 when adjusted EBITDA hit $206.9 million. A breakdown provided by Wynn Resorts revealed that its US-facing operations have reported a strong increase during the quarter. In contrast, the company’s Macau operations have seen a decrease in revenues.
The Company’s US Facing Operations Soared
For the second quarter this year, Wynn Resorts’ Las Vegas operations reported $561.1 million in operating revenue. This result marked a strong growth of 58% or an increase of $206 million when compared to the $355.1 million in operating revenue reported for Q2 2021. The company revealed that its Las Vegas operations reported table games win percentage of 24.6% for the second quarter of this year. This was in line with Wynn’s expected range of 22% to 26% but still marked a year-over-year increase when compared to the 23.2% in table games win percentage reported for the same period in 2021.
Similarly, Wynn’s Encore Boston Harbor operations reported a strong quarter. The property’s operating revenue in Q2 this year hit $210.2 million, marking a strong increase when compared to the $165.2 million reported in Q2 last year. Table games win percentage at Encore Boston Harbor for Q2 this year hit 21.9%. This result was in line with Wynn Resorts’ expected range of 18% to 22%, but when compared to the 21.2% reported from Q2, 2021, a slight increase was observed.
“Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor.”
Craig Billings, CEO at Wynn Resorts
Speaking about the recent financial results, Wynn Resorts’ CEO, Craig Billings, acknowledged the company’s US-facing operations reported strong growth. According to him, Wynn’s focus on offering supreme hospitality and unique experiences combined with strong customer demand resulted in record adjusted EBITDA for Wynn Las Vegas, as well as strong Q2, 2022 results for Encore Boston Harbor.
Operating Revenue for Macau Venues Decreases
While Wynn’s US-facing operations reported a strong Q2, 2022, this was not the case for its Macau operations. For the three months until June 30, 2022, Wynn Macau reported operating revenue of $58.6 million, down $125.4 million from the $184.0 million reported for the same period the prior year.
A similar decrease was observed in the operating revenue for Wynn Palace for Q2 of this year. In total, the venue’s operating revenue for the second quarter in 2022 was $58.7 million, marking a staggering decrease of $211.7 million or 78% when compared to the $270.4 million reported in Q2, 2021.
According to Wynn, these results outline the impact of the ongoing COVID-related restrictions in place for the region. Despite the decline in operating revenues for Macau, Wynn’s CEO remained optimistic. He pointed out that the company remains “confident that the market will benefit from the return of visitation over time.”