Industry News
Wynn Resorts Limited Reports Fourth Quarter and Year End 2023 Results
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.
âThe 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 teamâs 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 âmust seeâ 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,â 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.
Industry News
Double win for Kaizen Gaming at the SBC Awards Latinoamérica 2024
Kaizen Gaming, one of the biggest GameTech companies in the world, had an impressive double-win at the SBC Awards LatinoamĂ©rica 2024 on the 31st October in Miami, Florida. Awarded âBrazilian Market Entrant of the Yearâ, and âMarketing Campaign of the Yearâ, the two wins follow an impressive year of growth and exposure for Kaizen Gaming, as well as its premium brand Betano, across Latin America and globally.
Betano is rapidly growing its user base and presence in Brazil, serving as the main and title sponsor of BrasileirĂŁo Betano and Copa Betano do Brasil. As a founding member of the ANJL and IBJR regulatory bodies, Betano is recognised for its dedication to upholding the highest standards of responsible gaming and integrity. Furthermore, the Betano brand has launched multiple CSR initiatives across the country in partnership with sponsored team, Clube AtlĂ©tico Mineiro. It also recently launched the âJuntos em Campoâ long-term program in cooperation with CBF (Brazilian Football Confederation) to promote initiatives focused on gender equality.
Awarded for the results and creativity of its innovative âFootball in Americaâ marketing campaign, Betano successfully introduced Latin America to its âConfiaâ brand platform by leveraging on its CONMEBOL Copa Americaâąïž 2024 sponsorship. The campaign chimed with the spirit of fans across the continent by celebrating Latin Americaâs rich football heritage, playfully responding to Kylian Mbappeâs 2022 comments questioning the regionâs football quality.
Vangelis Skarkalis, Kaizen Gaming Senior Commercial Director LATAM, said: “Latin America is one of the worldâs most dynamic and exciting regions for i-gaming. Being recognised as a leading player in this important market with two wins at the prestigious SBC Awards LatinoamĂ©rica is a great honour – especially on the heels of our recent double-win as âOperator of the Yearâ at both the EGR Operator Awards and SBC Awards. Achieving this success requires an exceptional team of dedicated, ambitious professionals. This award honours everyoneâs hard work and commitment to always going above and beyond in delivering the best experiences for our customers not only in Latin America, but worldwide too.â
Industry News
SOFTSWISS Wins SBC Latinoamérica Award for Help Brazil Initiative
SOFTSWISS has won the Socially Responsible Initiative of the Year nomination at the SBC Awards LatinoamĂ©rica 2024 for its impactful âHelp Brazilâ initiative. This recognition underscores the companyâs support for Brazilian communities affected by severe flooding earlier this year and its dedication to implementing meaningful social responsibility projects.
The SBC Awards LatinoamĂ©rica celebrates excellence in the Latin American gaming industry, gathering leading experts to acknowledge the achievements of operators, platform providers, affiliates, and suppliers across various sectors. SOFTSWISS’ âHelp Brazilâ initiative distinguished itself among the top entries, with judges marking its focus on community sustainability and industry engagement.
Launched in May 2024, âHelp Brazilâ provided immediate relief by delivering food, clothing, and clean water to flood-affected areas in Rio Grande do Sul in coordination with Movimento UniĂŁo BR. Further committed to sustainable recovery, SOFTSWISS partnered with PWTech, funding water purification installations in affected schools to guarantee long-term access to clean water.
Ivan Montik, Founder of SOFTSWISS, noted: âThis prestigious award affirms our commitment to making a real difference. As we expand our business in Latin America, we build lasting relationships with people and partners in this region and see ourselves as part of the local communities. When action was needed, we could not remain on the sidelines. We are grateful that the Latin American industry recognised and supported our initiative and immensely thankful to everyone who joined us in this effort, both locally and internationally.â
Rubens Barrichello, Non-Executive Director in Latin America, who helped raise awareness for the initiative, added: âI am incredibly proud of SOFTSWISS’ commitment to a sustained and compassionate approach. This recognition underscores our dedication to supporting communities in Brazil, where we focus on making a meaningful impact. Together, with such comprehensive projects, we are demonstrating how our industry can step up when it matters most.â
Continuing its commitment to local communities, this September, SOFTSWISS and its employees provided financial aid and essential supplies to flood-affected regions in Poland, where the company operates two offices. The aid campaigns in Poland and Brazil reflect SOFTSWISS’ commitment to being a responsible partner for local communities and its broader focus on ESG principles through long-term health, environmental, and social initiatives, including World Environment Day, Pink October, and Movember.
SOFTSWISS welcomes its partners and clients to visit stand 2145 at the SiGMA Europe Summit to explore future collaboration opportunities.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The companyâs product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
Industry News
Cliff Ehrlich Joins Rush Street Gaming as COO
Rush Street Gaming announced that casino and hospitality veteran Cliff Ehrlich has joined the company as chief operating officer.
Ehrlich assumes the role of Rush Street COO from Bill Keena, a longtime company and industry leader, who plans to retire later this year.
“Iâve admired Rush Streetâs strong leadership and steady expansion over the past two decades. Iâm thrilled to join this dynamic organization and look forward to contributing to the companyâs ongoing success,” said Ehrlich.
Ehrlichâs career began in marketing at the Catskillsâ Pines Resort Hotel in the 80s and transitioned in the 90s to casino development and operations. In 1996, he became co-owner of the Monticello Raceway and helped recruit the Oneida Indian Nation to build a casino on the property. Following an initial public offering, Ehrlich led Monticello Casino & Raceway as president, chief operating officer and general manager until 2013.
After consulting with Mohegan Sun regarding Upstate New York development opportunities, in 2015, Ehrlich joined The Downs Racetrack & Casino in Albuquerque, serving as general manager and chief operating officer. He later ran two casinos for The Navajo Nation â Northern Edge and Flowing Water. Since 2022, Ehrlich has been Navajo Nation Gaming Enterpriseâs chief operating officer, with oversight of four casinos, a resort destination hotel, travel plaza and food & beverage manufacturing.
“Cliffâs ground-up casino development experience, deep operations background and team leadership ensure that all five Rivers Casino properties remain in great hands. He will continue the strong forward momentum established by Bill Keena, for whom we wish the very best in retirement,” said Tim Drehkoff, CEO of Rush Street Gaming.
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