Wynn sees healthy retail sales, narrowed Q3 losses

Net losses of Wynn Resorts Limited narrowed to USD 116.7 million for the third quarter of 2023, compared to the USD 142.9 million net loss attributable to Wynn Resorts Limited for the third quarter of 2022.

In its financial statement for the third quarter of this year, Wynn’s operating revenues were USD1.67 billion for the third quarter of 2023, an increase of USD782.2 million from USD 889.7 million when compared with the same quarter the year prior.

“Our third quarter results reflect continued strength across our property portfolio,” said Craig Billings, CEO of Wynn Resorts Limited.

“In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses,” he added.

The gaming operator generated USD255 million of EBITDA in the quarter, around 85% of pre-Covid levels.

Meanwhile, mass hold returned to the expected range at both Wynn properties in October.

“During the quarter, we saw broad-based strength across our properties with several key areas of the business trending well above 2019 levels. In the casino, mass table drop increased 19% versus Q3 2019, and direct VIP turnover was 13% above Q3 2019,” Billings explained.

“On the non-gaming side, our retail business continues to be incredibly strong, with tenant retail sales up 24% on Q3 2019 and hotel revenue up 20% relative to the third quarter of 2019,” he said.

Strength in business continued in Q4 with a mass drop in October 24% above October 2019, 98% hotel occupancy, and healthy tenant retail sales.

On the development front in Macau, Billings said the group expects its first concession-related capital project, a collaboration with the team behind Las Vegas-based Illuminarium on a multimedia exhibit space, to open before the end of the year.

“We’re also deep into design and planning for our other concession-related capex commitments including our destination food hall, the new event and entertainment center, and a unique spectacle show,” he added.

Lastly, construction continues on Wynn Al Marjan Island, Wynn’s planned integrated resort in the UAE, with much of the hotel tower foundation complete with nearly all of the piles supporting the 1,500-room tower in the ground.