Industry News
Wynn Resorts Limited Reports First Quarter 2024 Results
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.
âThe 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 âmust seeâ 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,â 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.
Industry News
Navajo Gaming Appoints John James as Chief Executive Officer
Navajo Gaming has appointed John James as its Chief Executive Officer.
John James brings more than two decades of professional gaming and hospitality experience to Navajo Gaming. He previously served as CEO of River Rock Entertainment Authority in Geyserville California. There he exemplified his strong leadership skills by identifying and implementing innovative operational improvements to grow revenue while improving morale through thoughtful strategic direction and mentoring.
Prior to that, he led numerous tribal casinos including serving as CEO of Muckleshoot Casino Resort in Washington, CEO of Soboba Casino Resort in California, COO of Morongo Casino Resort & Spa in California, and CEO of Gila River Gaming Enterprises in Arizona. Additionally, he has served in leadership positions for Seminole Gaming Inc., Pechanga Resort and Casino, and various successful Station Casino properties.
As CEO of Navajo Gaming, John James will oversee and manage Navajo Gaming properties in New Mexico and Arizona, as well as ensure that Navajo Gaming policies and objectives are met. His three main objectives are to strengthen Navajo Gaming and the hospitality economy, return revenue to the Navajo Nation, and provide additional jobs to members of the Navajo Nation.
âNavajo Gaming has grown to a multi-million-dollar enterprise over the past 15 years. John James brings extensive gaming and management experience and leadership qualities to lead Navajo Gaming. James has been widely recognized as the industryâs âbest of the bestâ for his exceptional strategic and positive impact. He will stimulate continued growth and success for Navajo Gaming as we remain focused on job creation and enhancing the Navajo economy,â Quincy Natay, Chairman of the Navajo Gaming Board of Directors, said.
âI am honored to serve Navajo Gamingâs team and guests under the stewardship of the board and alongside such a strong management team. Our industry is transforming rapidly and there is tremendous opportunity for Navajo Gaming to capitalize on opportunities, elevate guest experiences and solidify our reputation as exceptional destinations where memories are made,â John James said.
Industry News
Ocean Casino Resort to Open Olympics-themed Medal Bar
Ocean Casino Resort announced the opening of Medal Bar: The Summer Games Pop Up Experience, located at 1927 Lounge on the casino floor across from The Gallery. Medal Barâs opening ceremony will take place on Friday, June 28 hosted by Gold Medal Winning Gymnast, and member of Team USAâs Magnificent Seven, Dominique Dawes.
âWe are so excited to embrace this celebratory global event as only Ocean can. From specialty themed cocktails and dĂŠcor to iconic athletes and gaming activations; Medal Bar will be a must-see destination for our guests this summer,â Kelly Burke, SVP and Chief Marketing Officer for Ocean Casino Resort, said.
Located at 1927 Lounge, Medal Bar will offer an international flair with Americana spirit and a nod to the host country (Paris). Social moments and nostalgia will abound throughout the venue where guests can go for the gold in a myriad of ways including sipping worldly drinks and flights, playing games, cheering on their favorite athlete, and more. The festivities kick off on Friday, June 28 with an appearance by Olympic Gold Medal Winning Gymnast Dominique Dawes and will extend through Labor Day Weekend. Normal operating hours will be Thursday and Friday, 5 pm to 12 am, Saturday, 3 pm to 1 am and Sunday, 5 pm to 12 am. Medal Bar will be open daily from Friday, July 26 through Sunday, August 11 showcasing all of the thrilling events and competitions.
Guests can also celebrate the start of summer with the 3rd annual North Beach Fireworks Spectacular on Friday, June 28 at 9:30 pm. The demonstration, in partnership with Fireworks by Grucci, will showcase a dazzling ocean-front fireworks display presented by North Beach Atlantic City with several viewing locations including The Park and the world-famous Atlantic City Boardwalk. The event will be open to the public.
Industry News
National Voluntary Self-Exclusion Program (NVSEP) to Begin Free Self-Exclusion Assistance in Four US Jurisdictions
idPair Inc., an award-winning provider of safer gambling technology, announced the upcoming launch of free self-exclusion assistance in Colorado, Iowa, Michigan, and Tennessee this August, as part of the first phase of the National Voluntary Self-Exclusion Program (NVSEP). Where states require a notarized form, a free remote online notary will be provided through the NVSEP platform to remove any cost for individuals. Importantly, there will be no changes to the respective state programs or how operators receive and process the self-exclusion information as part of this initiative.
Depending on the state, self-exclusion options will be available for casinos, online sports betting, online casino, online poker, fantasy sports, and/or horseracing. Each jurisdiction has its own unique gambling landscape, and individuals seeking to self-exclude are encouraged to visit www.NVSEP.com/jurisdictions to learn more, including which products and properties have a supported option.
Jonathan Aiwazian, CEO of idPair, said: âFor the first time ever, individuals seeking a wider level of protection can self-exclude from multiple states in a streamlined fashion. While today we announce our ability to provide free assistance with self-exclusion in each of these 4 states, more jurisdictions are on the way, as we accelerate toward our goal of removing barriers for people seeking protection across all gambling jurisdictions and products.â
With future phases of NVSEP planning a deeper level of integration and potential to directly connect with the Player Account Management (PAM) systems of gambling operators, gambling regulators can one day ensure that voluntary self-exclusions are instantaneously processed, providing immediate protection for those who opt-in to the program, a major leap in efficiency to the current processing times in some existing programs.
NVSEPâs announcement of assisting consumers with Colorado, Iowa, Michigan, and Tennessee self-exclusions is the first step in a broader effort to expand responsible gambling measures nationwide.
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