Wynn Resorts has reported a significant increase in revenue during the third quarter of 2023, with a total of $1.67bn. This represents an 87.9% increase from the same period last year. The rise in revenue can be attributed to the spike in revenue in Macau, where both the Wynn Palace and Wynn Macau properties reported substantial growth. This growth followed the relaxing of Covid measures in the region, allowing VIP and high-value customers to return.
Wynn Resorts expects continued growth in Macau, but also sees growth opportunities in other markets, including the United Arab Emirates. The construction work continues on the Wynn Al Marjan Island, an integrated resort project on the man-made Al Marjan Island in the Emirate of Ras Al-Khaimah. The venture is estimated to cost about $3.90bn, making it one of the most exciting new market openings in decades, according to CEO Craig Billings.
In Macau, Wynn Palace posted $524.8m in total Q3 revenue, an increase of 597.9% from last year. Wynn Macau also saw revenue skyrocket by 630.2% following the easing of Covid-19 rules. However, the full reopening of the Macau market led to higher costs at Wynn, with total operating costs reaching $1.61bn, a 70.7% increase year-on-year.
In the United States, Las Vegas operations generated $619.0m in revenue during Q3, a 13.7% increase from the same period last year. Meanwhile, the Encore Boston Harbor saw a slight dip in revenue, down 0.7% year-on-year to $210.4m.
Looking at Wynn’s year-to-date performance, revenue in the nine months to 30 September was 70.5% higher at $4.69bn. Operating costs climbed 42.6% to $4.21bn, resulting in a pre-tax profit of $11.0m, compared to a loss of $672.6m from the previous year.
Overall, Wynn Resorts’ Q3 results reflect continued strength across their property portfolio and have set the stage for potential growth and expansion in Macau, the United Arab Emirates, and other markets.