Q3 revenue for Wynn Resorts fell by 11%
The company's Las Vegas Operations brought in $544.4 million of the overall revenue, followed by Encore Boston Harbour with $211.8 million.
Wynn Palace and Wynn Macau both had revenue totals of $75.2 million and $40.4 million for Macau, respectively. Wynn stated that because to an epidemic of Covid-19 in July 2022, its casino activities at both sites were shut down for a total of 12 days.
Operating revenues during the third quarter of 2022 climbed by $68.4 million and $19.6 million at the group's Encore Boston Harbour and Las Vegas Operations, respectively, and declined by $106.1 million and $90.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.
Compared to Q3 2021, which had a net loss of $166.2 million, Q3 2022 saw a net loss attributable to Wynn Resorts of $142.9 million. Adjusted property EBITDA for the time period was $173.5m, a 12% increase over the same time last year.
In comparison to the third quarter of 2021, adjusted property EBITDA at Wynn's Las Vegas Operations and Wynn Interactive grew by $12.3 million and $85.8 million, respectively, while it declined by $33.9 million, $41.9 million, and $3.4 million at Wynn Palace, Wynn Macau, and Encore Boston Harbour.
"Our teams at Wynn Las Vegas and Encore Boston Harbour delivered a new third-quarter record for adjusted property EBITDA at our combined North American properties," stated Craig Billings, CEO of Wynn Resorts.
"Their unwavering commitment to providing five-star service, together with our industry-leading amenities, keep elevating our resorts beyond the competition and making them the preferred vacation spots for affluent travellers in both Massachusetts and Las Vegas.
"While Covid-related travel restrictions continued to have a detrimental impact on our performance in Macau, we were happy to see some positive pockets of demand over the most recent holiday weekend in October. We continue to be optimistic that the market will eventually gain from more traffic.