Wynn Resorts Q1 2022 Earnings Report
Key Takeaways
Wynn Resorts' first quarter results showed continued strength in Wynn Las Vegas and Encore Boston Harbor, with record Adjusted Property EBITDA for the quarter. The company remains confident in the Macau market's recovery as travel restrictions ease.
Operating revenues increased by $216.7 million to $953.3 million compared to Q1 2021.
Net loss attributable to Wynn Resorts, Limited decreased to $183.3 million, or $1.59 per diluted share, from $281.0 million, or $2.53 per diluted share, in Q1 2021.
Adjusted Property EBITDA increased to $177.6 million from $58.9 million in Q1 2021.
Las Vegas Operations and Encore Boston Harbor saw increases in operating revenues and Adjusted Property EBITDA, while Wynn Palace and Wynn Macau experienced decreases.
Wynn Resorts
Wynn Resorts
Wynn Resorts Revenue by Segment
Forward Guidance
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, the COVID-19 pandemic, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions (including with respect to our ability to extend or renew our gaming concession in Macau, which expires on June 26, 2022, and proposed amendments to the Macau gaming law), dependence on key employees, general global political and economic conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service.
Revenue & Expenses
Visualization of income flow from segment revenue to net income