Wynn Resorts, Limited has released its outstanding Q2 2024 financial results, which show significant improvements across all of its properties—Macau, Las Vegas, and Boston. At $1.73 billion, the company’s overall operating revenue increased 8.1% over the same time the previous year. Wynn Resorts’ net income attributable increased to $111.9 million in Q2 2023, a 6.4% increase from the previous quarter. Additionally, adjusted property EBITDAR increased, rising by almost 9% year over year to $571.7 million, a new record for the company’s second quarter. The company had a strong Q1 2024 as well.
CEO Craig Billings Lauds Team Efforts
CEO Craig Billings expressed pride in the company’s achievements, stating, “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.” He also highlighted ongoing investments in growth, noting the rapid progress on Wynn Al Marjan Island in the UAE and the finalization of a transaction to acquire a pro-rata share of land on Al Marjan Island Three for future development opportunities.
Wynn Palace in Macau reported operating revenue of $548 million for Q2 2024, a nearly 17% increase from the previous year. Adjusted property EBITDAR for Wynn Palace rose to $184.5 million, up by almost $30 million from Q2 2023. Similarly, Wynn Macau saw a 12% year-over-year rise in operating revenue, totaling $337.3 million, with adjusted property EBITDAR reaching $95.9 million, a 7.03% increase.
Las Vegas operations also posted strong numbers, with revenue hitting $628.7 million, an 8.75% year-over-year increase. Adjusted property EBITDAR for Las Vegas operations was $230.3 million, up by just over $6 million from Q2 2023.
Encore Boston Harbor was the only Wynn property to experience declines in both operating revenue and adjusted property EBITDAR. The property’s operating revenue fell 4.2% year-over-year to $212.6 million, while adjusted property EBITDAR decreased over 10% to $62.1 million for Q2 2024.
Wynn Resorts continued to invest heavily in its UAE venture, contributing $356.5 million in cash during Q2 2024 to a 40%-owned joint venture for the Wynn Al Marjan Island development. This brings the total cash contributions to the project to $514.4 million.
Wynn Resorts’ robust Q2 2024 performance underscores its strong position and strategic growth initiatives, with significant contributions from its Macau and Las Vegas properties, despite challenges in Boston.
The post Q2 2024 Brings 8.1% Revenue Boost for Wynn Resorts appeared first on iGaming.org.