Operator News

US – Strong customer demand in the US offset by Macau closures for Wynn

By Phil - 10 August 2022

Operating revenues for Wynn Resorts for the second quarter ended June 30, 2022, fell 8.2 per cent year-on-year to US$908.8m with strong customer demand at the company’s US operations offset by the COVID-closures in Macau.

Operating revenues were $908.8m for the second quarter of 2022, a decrease of $81.3m, from $990.1m for the second quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $130.1m, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4m, or $1.15 per diluted share, in the second quarter of 2021. Adjusted Property EBITDA was $179.2m for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9m in the second quarter of 2021.

“Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams’ ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand drove a new all-time quarterly record for Adjusted Property EBITDA at Wynn Las Vegas and a second quarter record at Encore Boston Harbor,” said Craig Billings, CEO of Wynn Resorts, Limited. “In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time.”

For the second quarter of 2022, operating revenues increased $206m and $44.9m at Wynn’s Las Vegas operations and Encore Boston Harbor, respectively, and decreased $211.7m and $125.4m at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.

Net loss attributable to Wynn Resorts, Limited was $130.1m.

Adjusted Property EBITDA was $179.2m for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9m in the second quarter of 2021.

The results of operations of Wynn’s Macau operations for the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

Operating revenues from Wynn Palace were $58.7m for the second quarter of 2022, a decrease of $211.7m from $270.4m for the second quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $50m for the second quarter of 2022, compared to $53.6m for the second quarter of 2021. VIP table games loss as a percentage of turnover was 1.94 per cent, below the property’s expected range of 3.1 per cent to 3.4 per cent and below the 3.95 per cent experienced in the second quarter of 2021. Table games win percentage in mass market operations was 19.7 per cent, below the 23.1 per cent experienced in the second quarter of 2021.

Operating revenues from Wynn Macau were $58.6m for the second quarter of 2022, a decrease of $125.4m from $184m for the second quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $40.4m for the second quarter of 2022, compared to $14.1m for the second quarter of 2021. VIP table games win as a percentage of turnover was 4.79 per cent, above the property’s expected range of 3.1 per cent to 3.4 per cent and above the 2.64 per cent experienced in the second quarter of 2021. Table games win percentage in mass market operations was 14.1 per cent, below the 19.2 per cent experienced in the second quarter of 2021.

Operating revenues from the Las Vegas operations were $561.1m for the second quarter of 2022, an increase of $206m from $355.1m for the second quarter of 2021. Adjusted Property EBITDA from the Las Vegas operations for the second quarter of 2022 was $226.7m, compared to $133.2m for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 24.6 per cent, within the property’s expected range of 22 per cent to 26 per cent and above the 23.2 per cent experienced in the second quarter of 2021.

Operating revenues from Encore Boston Harbor were $210.2m for the second quarter of 2022, an increase of $44.9m from $165.2m for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2022 was $63.7m, compared to $46.9m for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 21.9 per cent, within the property’s expected range of 18 per cent to 22 per cent and above the 21.2 per cent experienced in the second quarter of 2021.