Wynn Resorts has announced a 31% increase in revenues for the first quarter of 2024. Their financial report confirmed operating revenues of $1.86Billion.
The report also stated that revenues grew by $439.2Million from $1.42bn in the first quarter of 2023. Total net income amounted to $144.2m, an impressive 1,072% increase from the $12.3m reported in the same period in 2023.
Furthermore, Adjusted Property EBITDAR was $646.5m for Q1 in 2024. Last year, it was $429.7m for the opening quarter.
Wynn Resort Revenue
After the announcement of the latest results, Craig Billings, CEO of Wynn Resorts said: “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.
“On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE.
“We are excited about the outlook for the company, and we believe we are well positioned to deliver continued long-term growth, he added.”
Not only are Wynn looking to make the presence felt in the UAE, other locations such as Thailand and New York City have been mooted. With that said, the Big Apple remains the priority for Wynn.
“We believe a full-scale Wynn integrated resort will drive meaningful incremental tax revenue, tourism and employment in the state,” Billings said.
“Despite the elongation of the RFA submission process in New York, we remain intrigued by the prospect of a Wynn resort in Manhattan,” he added.
Admittedly, a Wynn Resort in New York would more than likely boost their revenues to a whole new level.
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