Wynn Resorts Q3 2022 Earnings Report
Key Takeaways
Wynn Resorts, Limited reported operating revenues of $889.7 million for the third quarter of 2022, a decrease of $104.9 million compared to the third quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share. Adjusted Property EBITDA was $173.5 million, an increase of 12.3% compared to the third quarter of 2021.
Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDA at combined North American properties.
Wynn Las Vegas and Encore Boston Harbor continue to elevate above peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts.
COVID-related travel restrictions in Macau continued to negatively impact results.
The company experienced encouraging pockets of demand in Macau during the recent October holiday period and remains confident that the market will benefit from the return of visitation over time.
Wynn Resorts
Wynn Resorts
Wynn Resorts Revenue by Segment
Forward Guidance
The company expects to receive cash consideration of approximately $1.7 billion from the sale of real estate assets related to Encore Boston Harbor, which is expected to close in the fourth quarter of 2022. The company expects to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income