Wynn Resorts Revenue up to $1.73 Billion
Wynn Resorts has disclosed its financial performance for the second quarter of 2024, demonstrating a noteworthy operating revenue of $1.73 billion. This figure represents an 8% year-on-year increase, although it reflects a 7% decline compared to the previous quarter.
The report highlights a revenue growth of $137.1 million from the $1.6 billion recorded in Q2 2023. Additionally, Wynn Resorts reported a net income of $111.9 million for the quarter, marking a 5.7% rise from the $105.2 million achieved in the same period last year. Adjusted Property EBITDAR also showed a positive trajectory, reaching $571.7 million compared to $524.5 million in Q2 2023.
Key Financial Highlights for Q2 2024
Group Results
- Operating Revenues: $1.73 billion (up 8%)
- Operating Expenses: $1.46 billion (up 8.95%)
- Operating Income: $269.6 million (up 7.7%)
- Net Income: $146.2 million (up 14.4%)
Individual Resort and Subsidiary Performance
- Wynn Palace: $108.2 million
- Wynn Macau: $61.1 million
- Las Vegas Operations: $124.7 million
- Encore Boston Harbor: ($17.8 million)
In remarks addressing these results, Craig Billings, CEO of Wynn Resorts, stated, “Our second quarter results, highlighted by a record for Adjusted Property EBITDAR, underscore the sustained strength across our operations. I take pride in the dedication of our teams in Las Vegas, Macau, and Boston. We remain committed to investing in our growth, with construction on Wynn Al Marjan Island in the UAE accelerating significantly.”
The quarter also marked a key strategic move for Wynn Resorts as they finalized a transaction to acquire their pro-rata share of land on Al Marjan Island Three. This acquisition includes a substantial land bank, presenting potential avenues for future developments either for Wynn Resorts or select third-party projects that complement Wynn Al Marjan.
At present, Wynn Resorts’ stock is performing robustly, boasting a market capitalization of $8.54 billion, with shares trading at $100.71.
Jenny Tang, an experienced iGaming commentator and analyst based in New York City, specializes in providing insights on regulation and the evolving landscape of the gambling industry.
