Industry News

Wynn Resorts Limited Reports Fourth Quarter and Year End 2023 Results

Published

2 years ago

February 9, 2024

Wynn Resorts Limited reported financial results for the fourth quarter ended December 31, 2023.

Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022.

“The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau. On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. 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 will continue to focus on driving long-term returns for shareholders,” Craig Billings, CEO of Wynn Resorts Limited, said.

Consolidated Results

Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. For the fourth quarter of 2023, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, the Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022.

Net income attributable to Wynn Resorts Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and the Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted net income attributable to Wynn Resorts Limited was $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts Limited of $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022.

Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, an increase of $435.3 million compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022. For the fourth quarter of 2023, Adjusted Property EBITDAR increased $195.1 million, $161.0 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, the Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the fourth quarter of 2022.

For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion for the year ended December 31, 2022. Operating revenues for the year ended December 31, 2023 increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, the Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the year ended December 31, 2022.

Net income attributable to Wynn Resorts Limited was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to net loss attributable to Wynn Resorts Limited of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US. Adjusted net income attributable to Wynn Resorts Limited was $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023, compared to adjusted net loss attributable to Wynn Resorts Limited of $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022.

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Related Topics:Craig Billings financial results Wynn Resorts Limited

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FanDuel Sports Network Appoints Damon Phillips to Lead South, Southeast, Florida and Sun Regions

Published

1 day ago

August 11, 2025

Niji Narayan

FanDuel Sports Network, owned and operated by Main Street Sports Group, announced that Damon Phillips is joining the Company as Executive Vice President, Team Partnerships, effective August 25. In this role, Phillips will assume oversight of the South, Southeast, Florida and Sun regions, including partnerships with the Atlanta Braves, Atlanta Hawks, Carolina Hurricanes, Charlotte Hornets, Memphis Grizzlies, Miami Heat, Miami Marlins, Nashville Predators, Orlando Magic, and Tampa Bay Rays. He will report to David DeVoe, President of Main Street Sports Group.

“Damon brings an exceptional track record of using digital innovation, audience segmentation, and cross-platform strategies to drive fan growth and engagement. As we continue to invest in our local sports media platform, Damon’s deep leadership experience at both NBC Sports and ESPN, combined with his ability to scale technology-forward solutions for both media companies and team partners, provide a unique perspective as we continue to focus on team-first solutions in a dynamic local media landscape,” said DeVoe.

“I’m thrilled to be joining a company that’s reshaping what local sports media can deliver for fans and partners. FanDuel Sports Network has built a strong foundation and is uniquely positioned to harness the power of local fandom, scale engaged audiences and unlock new growth across its markets. I’m excited to help drive this next chapter,” said Phillips.

Phillips has spent more than three decades at the intersection of sports, media, and technology, including senior leadership roles at NBCUniversal and ESPN. At NBC Sports, he served as Senior Vice President, Digital Media & Emerging Businesses, overseeing NBCSports.com, Sports Betting, Fantasy Sports, the NBC Sports YouTube Channel, Peacock B2B distribution, and multiple podcast and streaming ventures. He led partnerships with DraftKings, BetMGM, Fanatics, and others, and provided strategic direction for the company’s FAST and sports betting content initiatives.

Industry News

Caesars Entertainment Launches Signature American Roulette

Published

1 day ago

August 11, 2025

Niji Narayan

Caesars Entertainment has launched its third fully in-house developed proprietary online casino title: Signature American Roulette. Now live in New Jersey, the game is available across Caesars Palace Online Casino, Caesars Sportsbook & Casino, and Horseshoe Online Casino, bringing another standout addition to the Company’s Signature table game series.

Developed by Empire Creative, Signature American Roulette reflects Caesars’ growing investment in building its own proprietary content, a cornerstone of its online casino strategy aimed at delivering a best-in-class player experience.

“Our in-house content team’s latest addition to the Signature series of table games is a standout for our online casino players. Bringing Signature American Roulette to our iGaming platforms perfectly complements our suite of Caesars-branded table games and further strengthens the robust collection of digital offerings that bring the energy of the casino floor to players’ mobile devices,” said Matthew Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.

Signature American Roulette follows the recent launches of fan-favorite Signature titles, Caesars Palace Signature Multihand Blackjack Surrender in May and Signature Blackjack Surrender in June, both also developed by Empire Creative. Online casino players can enjoy these games across Caesars’ marquee iGaming platforms in New Jersey, Michigan and Ontario, with Caesars Palace Signature Multihand Blackjack Surrender now also available on Caesars Palace Online Casino in Pennsylvania.

“Signature American Roulette continues our commitment to delivering immersive and player-centric table games that align with our many iconic brands. From player-selectable wheel spin direction and speed to our intuitive favorite bets system, every detail is crafted to boost engagement. With seamless play in portrait or landscape modes and picture-in-picture win evaluations, we’re bringing the thrill of the casino straight to players’ fingertips,” said Scott Krell, Senior Director of Game Products and Head of Studio at Caesars Digital.

Those 21 and older in New Jersey can play Signature American Roulette by downloading the Caesars Palace Online Casino, Horseshoe Online Casino or Caesars Sportsbook & Casino apps on iOS or Android, or visiting the platforms on desktop. These platforms are also available in Pennsylvania, Michigan, Ontario, and West Virginia, offering a dynamic online casino experience that features Caesars-branded games, timeless casino classics, and unique titles from top game providers. Each platform offers a dynamic online casino experience with a range of unique games from top providers, Caesars-branded games, and timeless casino classics. Additionally, each platform integrates Caesars Rewards, the Company’s industry-leading loyalty program allowing players in the US to earn Caesars Rewards Credits redeemable for unforgettable experiences at more than 50 world-class Caesars Rewards destinations across North America.

Industry News

Maryland Casinos Generate $165.7 Million in Gaming Revenue During July

Published

5 days ago

August 7, 2025

Niji Narayan

Maryland’s six casinos combined to generate $165,661,894 in revenue from slot machines and table games during July 2025. The statewide total was down $4,159,416 (-2.5%) compared to July 2024.

Casino gaming contributions to the state during July 2025 totaled $71,857,827, a decrease of $305,727 (-0.4%) compared to July 2024. The July 2025 contributions included $51,742,064 to the Education Trust Fund, a decrease of $272,892 (-0.5%) compared to July 2024.

Casino gaming revenues also support the communities and jurisdictions where the casinos are located, Maryland’s horse racing industry, and small, minority- and women-owned businesses.

Maryland’s six privately owned casinos offer both slot machines and table games: MGM National Harbor in Prince George’s County; Live! Casino & Hotel in Anne Arundel County; Horseshoe Casino Baltimore in Baltimore City; Ocean Downs Casino in Worcester County; Hollywood Casino Perryville in Cecil County; and Rocky Gap Casino Resort in Allegany County.

The gaming revenue totals for July 2025 were as follows:

MGM National Harbor (2261 slot machines, 208 table games)

$68,587,339 in July 2025, a decrease of $3,396,384 (-4.7%) from July 2024

Live! Casino & Hotel (3832 slot machines, 179 table games)

$59,702,771 in July 2025, a decrease of $2,860,124 (-4.6%) from July 2024

Horseshoe Casino (1365 slot machines, 115 table games)

$14,415,536 in July 2025, an increase of $1,098,302 (8.2%) from July 2024

Ocean Downs Casino (900 slot machines, 18 table games)

$10,236,754 in July 2025, an increase of $615,672 (6.4%) from July 2024

Hollywood Casino (731 slot machines, 23 table games)

$7,622,642 in July 2025, an increase of $325,372 (4.5%) from July 2024

Rocky Gap Casino (630 slot machines, 12 table games)