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Mar 31, 2021
Wynn Resorts Q1 2021 Earnings Report
Reported a decrease in operating revenues and net loss compared to the first quarter of 2020, but saw increased Adjusted Property EBITDA at Wynn Palace, Las Vegas Operations, and Encore Boston Harbor.
Key Takeaways
Wynn Resorts, Limited reported operating revenues of $725.8 million for the first quarter of 2021, a decrease of 23.9% from $953.7 million in the first quarter of 2020. The net loss attributable to Wynn Resorts, Limited was $281.0 million, or $2.53 per diluted share, compared to a net loss of $402.0 million, or $3.77 per diluted share, in the first quarter of 2020. Adjusted Property EBITDA increased at Wynn Palace, Las Vegas Operations, and Encore Boston Harbor, but decreased at Wynn Macau.
Operating revenues decreased by 23.9% compared to Q1 2020, totaling $725.8 million.
Net loss attributable to Wynn Resorts, Limited was $281.0 million, an improvement from the $402.0 million net loss in Q1 2020.
Adjusted Property EBITDA increased at Wynn Palace, Las Vegas Operations, and Encore Boston Harbor.
Company intends to fuel the growth of WynnBET through a merger of Wynn Interactive with Austerlitz Acquisition Corp I.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Wynn Resorts anticipates continued recovery and growth, with strategic initiatives focused on expanding WynnBET and optimizing operations across its properties.
Positive Outlook
- Wynn Las Vegas showed continued strength in the casino segment.
- Forward bookings in the leisure segment improved throughout the quarter.
- Encore Boston Harbor delivered record Adjusted Property EBITDA.
- Macau experienced continued gradual improvement in visitation trends.
- Company will be launching enhanced product features and expanding market position in 2021.
Challenges Ahead
- The Company is currently unable to determine when protective measures will be lifted.
- Certain travel restrictions, quarantine measures, testing requirements, and capacity limitations remain in effect.
- Operating revenues decreased by 23.9% compared to Q1 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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