Wynn Resorts reports 178% increase in Macau operating revenue

Total operating revenue was up 88%, with adjusted property EBITDAR for Macau operations reaching $127.1m.

Wynn Resorts released its Q3 2023 report, having experienced overall net revenue growth and significant growth in Macau. Operating revenues in Q3 2023 totalled $1.67bn from $889.7m last year. At an 88% increase, Wynn Resorts was able to almost double its revenue.

Breaking down financial results by region, Macau operations were able to pull ahead of Las Vegas operations, earning $127.1m in Q3 2023 compared to $122.3m for Las Vegas operations by adjusted property EBITDAR. Despite this, Boston operations and Wynn Interactive were both down, with Wynn Interactive having made the most significant drop from a loss of $27.1m last year to a loss of $209m.

Growth was also the most significant for Macau operations, going from a loss of $162.7m in Q3 2022 to $127.1m in 2023. This reflects an overall growth of 178%.

Across Macau, following the lifting of many Covid-19 restrictions, businesses have been thriving, returning to and even surpassing 2019 revenue numbers. MGM China, for example, saw an

overall net revenue increase of 829%

in Q3 2023 to Q3 2022.

MGM Resorts, however, also reported

minor revenue falls in the US

. This was partly reflected in Wynn’s Encore Boston Harbor results, showing strength in Asian markets and some instability in segments of the US market.

Overall adjusted property EBITDAR went from $173.5m to $530.6m in Q3 2023, which is a growth of 206%.

Current Wynn Resort stock prices sit at $90.65, a drop of 2.4% from end-of-day trade on 9 November. Current stock prices present a middle ground price compared to the all-time high and all-time low of trade in the past month, which has fluctuated between $86.72 on the low end and $95.14 on the high end.