Wynn Resorts has published its financial report for Q2 2024 revealing operating revenues of $1.73 billion, an 8% increase year-on-year, but a drop of 7% compared to the prior reporting period.
According to the report, revenues grew by $137.1 million from $1.6 billion reported in Q2 of 2023. Net income amounted to $111.9 million for the reporting period, up by 5.7% from the $105.2 million reported in the corresponding period in 2023.
Meanwhile, Adjusted Property EBITDAR was $571.7 million for the reporting period, compared to $524.5 million for the second quarter of 2023.
Q2 2024 Key Highlights
Group results
- Operating revenues – $1.73 billion, up by 8%
- Operating expenses – $1.46 billion, up by 8.95%
- Operating income – $269.6 million, up by 7.7%
- Net income – $146.2 million, up by 14.4%
Individual resort and subsidiary operating incomes (losses)
- Wynn Palace – $108.2 million
- Wynn Macau – $61.1 million
- Las Vegas Operations – $124.7 million
- Encore Boston Harbor – ($17.8 million)
Speaking of the latest results, Craig Billings, CEO of Wynn Resorts said:
“Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston. Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace.
During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan.”
WYNN stock currently has a Market Cap of $8.54 B, trading at $100.71.
An experienced iGaming commentator and analyst based in New York City – Jenny reports on regulation and gambling industry news and events.
Wynn Resorts, a renowned luxury hotel and casino company, has reported a significant increase in revenue for the second quarter of 2024. The company announced an 8% growth in revenue compared to the same period last year, showcasing strong performance and positive momentum for the brand.
This impressive growth can be attributed to several factors, including an increase in visitor numbers to Wynn Resorts’ properties, higher spending per guest, and successful marketing and promotional strategies. The company has continued to attract high-end clientele and offer top-notch amenities and services, which have contributed to its financial success.
Additionally, Wynn Resorts has been focusing on expanding its presence in key markets and diversifying its offerings to appeal to a wider range of customers. The company’s commitment to innovation and excellence in hospitality has helped it stay competitive in the ever-evolving industry.
Furthermore, Wynn Resorts’ strong financial performance is a testament to its effective management and strategic decision-making. The company has been able to adapt to changing market conditions and consumer preferences, positioning itself for continued growth and success in the future.
Overall, the 8% revenue increase in the second quarter of 2024 is a positive sign for Wynn Resorts and reflects the company’s dedication to delivering exceptional experiences to its guests. With a solid foundation and a focus on excellence, Wynn Resorts is well-positioned to continue thriving in the competitive hospitality and gaming industry.
