Macau casino operator Wynn Macau Ltd reported fourth-quarter total operating revenues of US$910.6 million, up 11.1 percent from the preceding quarter. Judged in year-on-year terms, such revenue increased 378.5 percent, according to a Thursday filing to the Hong Kong Stock Exchange.
In fourth-quarter 2022, the Macau market was still being impacted by restrictions linked to the Covid-19 pandemic.
The company operates the Wynn Palace resort (pictured) on Cotai, and also runs the Wynn Macau resort on the city’s peninsula. Wynn Macau Ltd is a unit of U.S.-based casino developer Wynn Resorts Ltd.
Wynn Macau Ltd recorded adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) of just under US$297.0 million, up 16.5 percent from the third quarter. The latest quarterly result compared with a negative figure of US$59.1 million a year ago.
Wynn Macau Ltd’s fourth-quarter casino revenue rose 13.8 percent quarter-on-quarter, to US$737.9 million. It compared to casino revenue of US$120.3 million in the fourth quarter of 2022.
On a property basis, operating revenues from Wynn Palace were flat on a sequential basis, at US$524.4 million. The property’s adjusted EBITDAR amounted to US$171.1 million, down 3.3 percent quarter-on-quarter.
Fourth-quarter casino revenue at Wynn Palace stood at US$417.3 million, flat from the previous three months.
The Wynn Macau resort recorded operating revenues of US$386.2 million for the three months to December 31, up 30.9 percent from the preceding quarter. The complex produced adjusted EBITDAR of US$125.8 million, a 61.5-percent increase from the third quarter.
Casino revenue at Wynn Macau rose 39.2 percent sequentially, to US$320.6 million.
For full-year 2023, Wynn Macau Ltd recorded operating revenue of US$3.10 billion, compared to US$721.5 million in the previous year. Adjusted EBITDAR stood at US$953.9 million in 2023, compared to a negative figure of US$220.6 million in 2022.
The parent company reported net income of US$729.2 million for the fourth quarter of 2023, compared to a net loss of US$116.7 million in the preceding quarter.
The increase in net income “was primarily the result of increased operating revenues from our Macau operations and our Las Vegas operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S.,” stated Wynn Resorts.
Craig Billings, chief executive of Wynn Resorts, said in prepared remarks: “The strong momentum we built throughout 2023 continued during the fourth quarter with adjusted property EBITDAR reaching a new all-time record.”
Wynn Resorts’ operating revenues were US$1.84 billion for the fourth quarter of 2023, up from US$1.67 billion in the preceding quarter. Adjusted property EBITDAR was US$630.4 million in the three months to December 31, up from US$530.4 million in third-quarter 2023.
For full-year 2023, operating revenues were US$6.53 billion, up from US$3.76 billion in 2022. Net income was US$730.0 million, compared to a net loss of US$423.9 million in the previous year.
Wynn Resorts also announced that its board declared a cash dividend of US$0.25 per share, payable on February 29.
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