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Dec 31, 2023
Wynn Resorts Q4 2023 Earnings Report
Wynn Resorts reported strong Q4 2023 results, with record Adjusted Property EBITDAR.
Key Takeaways
Wynn Resorts' Q4 2023 saw significant revenue growth, driven by Macau and Las Vegas operations. Operating revenues reached $1.84 billion, a substantial increase from the previous year, and net income attributable to Wynn Resorts, Limited was $729.2 million, a significant rise from $32.4 million in Q4 2022. Adjusted Property EBITDAR also reached a new all-time record.
Operating revenues increased to $1.84 billion, up from $1.00 billion in Q4 2022.
Net income attributable to Wynn Resorts, Limited was $729.2 million, compared to $32.4 million in Q4 2022.
Adjusted Property EBITDAR reached a record $630.4 million, a significant increase from $195.1 million in Q4 2022.
The company repurchased 1,609,625 shares of its common stock at an average price of $86.56 per share, for an aggregate cost of $139.3 million.
Revenue by Segment
Forward Guidance
Wynn Resorts is optimistic about the future, focusing on delivering five-star hospitality and driving long-term shareholder returns. The development of Wynn Al Marjan Island is progressing, and the company anticipates it will be a major tourism destination.
Positive Outlook
- Strong momentum built throughout 2023 continued during the fourth quarter.
- Adjusted Property EBITDAR reached a new all-time record.
- Relentless focus on delivering five-star hospitality.
- Construction of Wynn Al Marjan Island continues with preparations underway to start vertical construction of the hotel tower.
- Confident the resort will be a 'must see' tourism destination in the UAE.
Challenges Ahead
- Reductions in discretionary consumer spending.
- Adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth.
- Extensive regulation of our business.
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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