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The third quarter of 2022 was a good one for Wynn Resorts.
During its Q3 earnings call this month, the company announced that its Las Vegas and Boston properties turned in record numbers in the third quarter.
CEO Craig Billings attributed the company’s success to its focus on creating a luxury experience for guests. Billings said in a statement:
“Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDA at our combined North American properties. Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice.”
Wynn looking ahead to a new Boston Encore sportsbook
Billings noted that Wynn’s East Coast property, Encore Boston Harbor, had a “strong quarter,” tallying $61 million of EBITDA. The casino had record gross gaming and hotel revenue.
Looking ahead to 2023, Wynn eagerly awaits the launch of its retail sportsbook.
“We remain excited about sports betting in the Commonwealth, which is expected to kick off early next year,” Billings said. “Our retail sports book there will soon be a significant opportunity for customer acquisition.”
The company is finalizing plans for a new development adjacent to Encore. The project will add parking, and food and beverage amenities.
Vegas revenue nears $200 million, hits all-time monthly high
Wynn’s Las Vegas property combined for $196 million of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) in Q3. That’s up around $19 million from 2021 and a 36% increase compared to Q3 2019.
Billings noted that Wynn’s EBITDA in October was an all-time monthly record for its Vegas property.
Driving the boost in revenue was strength “across casino, hotel, food and beverage and retail,” he said.
“Our investment in people, facilities and programming and our team’s deep sense of ownership continue to elevate in Las Vegas above our peers. This quarter once again highlights the benefit of that deliberate investment strategy. Looking ahead, encouraged that the strength we have experienced over the past several quarters has continued into the fourth quarter.”
Billings expressed confidence about Q4, saying the company expects a solid performance from its room bookings despite the typical Thanksgiving slowdown.
Chief financial officer Jule Cameron-Doe noted that the hotel’s occupancy was at 88.8% in Q3, up 5.8 percentage points over 2021 and up nearly 1 percentage point compared to 2019.
Wynn confirms interest in New York casino license
Billings confirmed that Wynn wants a New York casino license. He said the company is always looking for “marquee developments,” and New York fits that bill.
However, he tempered his statement by saying the company needs to navigate a lot of red tape.
“The devil is in the details, of course, when it comes to what the upfront license payment ends up being, what the tax rate ends up being, what the detailed regulations end up being,” he said.
“But yes, of course, we’re interested in New York as has been reported in the press.”
