Wynn Resorts Limited has reported the financial results for the first quarter ended March 31, 2024.

Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023.

“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,” Craig Billings, CEO of Wynn Resorts Limited, said.

Consolidated Results

Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. For the first quarter of 2024, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted net income attributable to Wynn Resorts Limited was $176.8 million, or $1.59 per diluted share, for the first quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $33.3 million, or $0.29 per diluted share, for the first quarter of 2023.

Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023. For the first quarter of 2024, Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $0.3 million at Encore Boston Harbor, from the first quarter of 2023.

Wynn Resorts Limited also announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 31, 2024 to stockholders of record as of May 20, 2024.

Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record financial results for the first quarter of 2024.

Matevž Mazij, Chief Executive Officer for Bragg, commented: “We carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets. Year-over-year revenue increased by 4.2% to EUR 23.8 million, largely propelled by organic growth from our current client base, the addition of new customers in multiple jurisdictions, and impressive results from our in-house Wild Streak Gaming casino games studio.

“Although gross profit and Adjusted EBITDA saw modest decreases in the first quarter stemming from the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025, we maintain a strong belief in our ability to achieve long-term growth and profitability. Our proprietary and exclusive third-party content continues to gain ground with an increasing number of top-tier operators globally, and we introduced a total of 19 new exclusive titles worldwide in the first quarter of 2024.

“Additionally, as we continue to make encouraging progress on our strategic alternatives review process, it’s important to emphasize that we are operating the business as usual and remain laser-focused on capitalizing on growth opportunities.

“With that in mind and in response to the increasing demand and growth in the iGaming marketplace, subsequent to quarter end, we took two significant steps to further fuel our growth initiatives. First, we secured a USD 7.0 million investment through a promissory note, enhancing our balance sheet flexibility as we continue to execute our strategy and explore strategic alternatives to maximize shareholder value.

“Second, we bolstered our leadership team with the appointment of Neill Whyte as our new Chief Commercial Officer. With over 18 years of iGaming experience and a proven track record of driving growth through successful commercial partnerships, Neill’s expertise will be invaluable as we leverage our extensive content and product portfolio to expand in existing and new markets. This key hire is another testament to how we are scaling our organization for sustained growth and profitability.

“While the strategic review process progresses, we remain bullish on the opportunities ahead as the trend of iGaming regulation continues worldwide. We see exciting potential in newly regulating markets like Brazil, Peru and Finland, as well as untapped opportunities in regions like Africa that we are actively exploring.

“The strategic moves we have made have established Bragg as a vital content provider for premier international iGaming operators, reinforcing our base for reliable and lucrative growth. Equipped with the appropriate strategies, financial resources, and talent, we are well-prepared to maintain our business momentum while pursuing initiatives that foster cash flow growth and deliver increased value to our shareholders.”

Scientific Games announces the appointment of Mike Cardell as the company’s Senior Vice President of Americas Systems. As the industry’s fastest-growing lottery systems supplier globally, Cardell’s appointment is another example of the company’s continued investments in people and products to innovate for its customers.

Mike Cardell.jpgCardell is an accomplished business technology leader with more than 17 years of experience and a proven track record in innovating technology-based products and services, including enterprise and consumer-facing applications, transaction processing platforms, large-scale IT conversions, strategic growth and impactful results.

He will lead all aspects of the company’s Americas lottery system business, driving incremental revenue and expanding product offerings while nurturing existing client relationships to grow lottery profits responsibly. Cardell will also be executing product and business development strategies as well as overseeing central and regional operations, service and contract management.

John Schulz, President, Americas & Global Instant Products, said, “With a keen understanding of developing strategies for sustainable growth, Mike will be instrumental in growing our systems business and ensuring innovation and operational excellence in our existing system operations. His strategic mindset and leadership experience make him a valuable addition to Scientific Games. We are excited to welcome him to our team.”

Before joining Scientific Games, Cardell spent more than 11 years at Fiserv where he most recently served as the global fintech and payments company’s Vice President and General Manager of Next Gen Solutions: Signature and Cloud Solutions. In this role, he managed the modernization of legacy enterprise account processing software solutions and cloud transformation solutions for large financial institutions and financial technology companies. He also spent five years managing business development and marketing for Hewlett-Packard.

Cardell holds a B.A. in Public Relations from Texas Tech University.

Scientific Games is a trusted partner to 150 lotteries in 50 countries around the globe, providing games, technologies, analytics and services that responsibly drive maximum returns to their beneficiary programs.