Wynn Revenues Rise 73.9% in 2023

American casino resort group Wynn Resorts announced their 2023 full-year financial results this week, noting that revenues rose 73.9% from the year prior to $6.53 billion.

The Wynn Macau resort saw the biggest growth, with the Wynn Palace on the island also performing strongly. American operations remain strong, with numbers being aided by the Formula 1 Las Vegas race that took place in November.

Casino revenues were up 127.7% to $3.72 billion. Room revenues were up 47.9% to $1.19 billion, while food and beverage revenues were up 21.6% to $1.03 billion. Retail, entertainment, and other revenues were also up 25.9% to $599.2 million. Macau's revenues were up 329.7%, accounting for $3.1 billion of the total revenue. Las Vegas revenues were up 16.3% to $2.48 billion. The Encore Boston Harbor property jumped 4.2% to $865.8 million.

Expenses were up 47.5% to $5.69 billion. Casino costs were the biggest expense, coming in at $2.24 billion. General and administrative costs were $1.07 billion. Other expenses were $554.8 million.

This led to a pre-tax profit of $285.4 million, up from a $700 million loss in 2022. Wynn also got a $496.8 million tax benefit and was able to tax advantage of a $52.2 million loss related to non-controlling interests in businesses. This gave the company a net profit of $730 million.

Looking forward, Wynn is also building a property in the United Arab Emirates, which will feature a high-end 1,000-foot hotel as well as gaming options.

Regarding the company's performance Wynn CEO Craig Billings said, "We see tremendous value in our business as evidenced by our buybacks in the quarter and I'm genuinely looking forward to 2024. The company is more diversified than it's ever been.

"In Las Vegas, we continue to distance ourselves from peers as the leader in luxury. It's more evident than ever that we are the go-to spot for the best customers attending citywide events like F1.

"We have a growing business in Macau that is running structurally higher margins than in the past, is much less reliant on the volatile VIP segment and is increasingly well positioned to compete. And importantly, we have a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets."

The results came as Wynn announced that they're going to be scaling back their online gaming business, as they haven't been able to grab a foothold in the regulated markets. The company has already pulled out of all states except Michigan and New York, but news on the future of those markets will likely be dropping soon.