Wynn Resorts CEO Craig Billings has expressed confidence about the company’s outlook after it posted a new all-time record for adjusted property EBITDAR.
The Q1 figure rose by $216.8m year-on-year from US$429.7m to $646.5m.
The group reported a $439.2m increase in overall operating revenues to $1.86bn, steered by upticks in all of its land-based business segments.
Wynn Palace recorded the biggest jump in operating revenue of $217.5m, with Wynn Macau following suit with a rise of $181m.
Wynn’s Las Vegas operations reported an operating increase climb of $49.8m and the company’s Encore Boston Harbor property’s operating revenue rose by $1.5m.
Adjusted property EBITDAR also rose in the four business divisions.
After recently revealing an update on Wynn Al Marjan Island, the company’s upcoming property in the United Arab Emirates, Billings said the resort, set to open in 2027, will be a “’must-see’ tourism destination in the UAE.”
He added: “The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with adjusted property EBITDAR reaching a new all-time record.
“The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
“We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth."
