Wynn Resorts reported year-over-year revenue growth in 2023, featuring notable performance in Las Vegas, Macau, and the emerging UAE market which set records for adjusted property EBITDA.
"The strong momentum we built throughout 2023 continued during the fourth quarter with adjusted property EBITDAR reaching a new all-time record," Wynn Resorts CEO Craig Billings said in a release.
The financial picture
Operating revenues were $6.53 billion in 2023, an increase of $2.78 billion from the $3.76 billion generated in 2022.
Wynn generated nearly $2.2 billion in property EBITDAR. This included an all-time quarterly record of $630.4 million in adjusted property EBITDAR for Q4 2023, up from $195.1 million in Q4 2022.
The Las Vegas operations set a significant record with $270.8 million in adjusted property EBITDA, and the Macau operations reported $296.9 million in EBITDA.
Billings is excited for what’s to come.
"We are excited about the outlook for the company, and we will continue to focus on driving long-term returns for shareholders," he said.
Room for improvement
The company has a lot of avenues for growth. Billings said construction of Wynn Al Marjan Island continues in the UAE, and he is “confident the resort will be a ‘must-see’ tourism destination.”
Construction of the hotel tower and podium foundation is nearing completion.
WynnBet Woes
Wynn’s Interactive woes continued in Q4, with the digital division reporting just over $8.6 million in losses on the quarter. Those losses pale in comparison to the nearly $51 million the division lost in Q4 2022 though.
For the entire year of 2023, the division reported $276 million in operating income losses and $42.6 million in adjusted EBITDAR losses. Combine that with 2022’s $240 million in operating income losses and nearly $100 million in adjusted EBITDAR losses, and it becomes clear why the company is pulling the plug on its sports betting app in almost all of the jurisdictions where WynnBet is live.
Wynn is already in the process of withdrawing from the Massachusetts sports betting market, which just leaves WynnBet live in Las Vegas.
