Wynn Resorts Reports Strong Q1 Results with Record Adjusted Property EBITDAR for North American Segment
Dividends
May 11, 2023
May 10, 2023
Wynn Resorts, Limited (WYNN) announced its first-quarter financial results on Tuesday, with revenue of $1.42 billion, up 49% year-over-year, beating a Street consensus estimate. The company also reported earnings per share of 29 cents in the first quarter, which surpassed the Street estimate of a loss of one cent per share. The company experienced record adjusted property EBITDAR for its North American segment, with all of its resorts generating strong financial results.
Wynn Palace: $369.4 million ($163.3 million)Wynn Macau: $230.7 million ($135.1 million)Las Vegas Operations: $586.6 million ($441.2 million)Encore Boston Harbor: $216.3 million ($190.8 million)
The company has reinstated its dividend program, with a quarterly dividend of 25 cents per share. The dividend is payable on June 6, 2023, with a record date of May 23, 2023. According to the company, the dividend program's reinstatement reflects the strength of its financial results, its robust liquidity position, and its commitment to returning capital to shareholders.
The company highlighted the strong results from its Macau region, saying that it was pleased to experience a meaningful return of visitation and demand, particularly in its mass gaming and retail businesses. The company believes that it is well-positioned for success in Macau's next phase of growth.
Wynn Resorts CEO Craig Billings expressed his satisfaction with the company's Q1 performance, saying, "For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team's relentless focus on delivering five-star hospitality and experiences to our guests."
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