Wynn Macau Reports Impressive 66.4% Surge in 1Q24 Operating Revenues
Wynn Macau celebrated a remarkable surge in its operating revenues during the initial quarter of the year, witnessing an astounding 66.4 percent increase compared to the previous year. This surge propelled its operating revenues to nearly $1 billion, significantly outpacing its other segments.
Cotai Strip’s phenomenal rise:
The company’s latest financial results unveiled operating revenues reaching $998,645, showcasing a notable 56 percent surge in its Cotai Strip property and an impressive 78.5 percent yearly rise on the peninsula, amounting to $586.9 million and $411.74 million, respectively.
Simultaneously, adjusted property EBITDA soared to $339.55 million, a substantial leap from $155.8 million just a year ago, significantly outperforming the group’s Las Vegas results, which stood at $246.26 million compared to $231.59 million in the first quarter of 2023.
According to Asia Gaming Brief citing Wynn Resorts Ltd First Quarter 2024 Results, The Cotai operation, Wynn Palace, basked in operating revenues of approximately $586.9 million during the three-month period, marking a staggering $217.5 million increase compared to the previous year. Furthermore, adjusted property EBITDAR nearly doubled from the previous year, reaching $202.4 million.
The group’s peninsular property recorded operating revenues of around $411.7 million, reflecting a yearly increase of $181 million, with EBITDAR standing at $137.2 million, a robust rise from $44.7 million in the first quarter of 2023.
The group attributes the overall increase in operating revenues largely to the growth in its Macau properties, fueled by heightened gaming volumes, increased hotel occupancy, and rising covers at its restaurants.
Notable rise in total casino revenue:
According to the press release the company published, the total casino revenue for the group, encompassing its non-Asian operations, surged by 46.2 percent annually, reaching $1.12 billion, while non-casino revenue witnessed a 12.9 percent increase, totaling $741.44 million. Consequently, company-wide revenue soared to $1.86 billion, marking a significant 30.9 percent annual increase.
Wynn Palace experienced a staggering 75 percent yearly increase in casino revenues, amounting to $473.78 million, while Wynn Macau witnessed a remarkable 96.4 percent rise, reaching $346.35 million.
Maintaining its commitment to excellence, the group sustained an impressive 98.8 percent occupancy at its Cotai property and 99.4 percent at its peninsula property, marking respective increases of 10.7 and 8.5 percentage points compared to the previous year.
In an impressive demonstration of its strengthened operational prowess, the group, encompassing its non-Asian operations, achieved a notable net income of $144.2 million. This figure stands in stark contrast to the $12.3 million recorded in the first quarter of 2023, showcasing a robust increase in profitability.
Moreover, the group’s property EBITDAR surged to $654.5 million, marking a substantial annual increase of $216.8 million. This remarkable growth was evident across various segments, including Wynn Macau, Cotai, and Las Vegas. However, it’s worth noting a slight decrease in performance at Encore Boston Harbor.