After practically all remaining Covid-19 restrictions were removed from Macau, Wynn stated each of its land-based casino resorts produced "strong" financial performance for the first time in three years.
While the operator was also able to record development across its Las Vegas operations and at its Encore Boston Harbour in Massachusetts, Macau's increasing traffic and footfall resulted in income in the region more than double year-on-year.
Although the Wynn Interactive company's income dropped somewhat, Craig Billings, the chief executive of Wynn Resorts, said development throughout the larger company was "testament" to its efforts during the quarter.
"For the first time in more than three years, every one of our resorts is producing strong financial results, which is once more evidence of our team's constant attention on providing five-star hospitality and experiences to our guests," Billings added.
"After several difficult years, Macau welcomed a significant resurgence of visitors and demand, especially in our retail and mass gaming operations. We think we are positioned for success in Macau's next round of expansion.
From $953.3m in the year before, Q1 revenue for the three months to 31 March increased to $1.42bn (£1.13bn/€1.30bn).
At $767.0m, casino income was 56.6% higher; rooms revenue grew by 59.9% to $272.5m; food and beverage revenue rose by 33.7% to $232.6m; entertainment, retail and other revenue gained 27.2% to $151.5m.
Revenue from Macau operations shot 101.1% to $600.1m when performance was broken out by segment. This comprised $369.4m from the Wynn Palace, up 126.2% and an additional $233.7m from the Wynn Macau, a jump of 70.8%.
At $586.0m, revenue was 32.8% higher in Las Vegas; Wynn's Encore Boston Harbour reported $216.3m, up 13.4% year-on-year. The operator did note, nevertheless, that its Wynn Interactive saw a small drop in income—that is, 6.8% to $20.5 million.
Turning now to expenses, the quarter's overall running total was 19.7% higher at $1.25 billion; the biggest outgoing was casino costs at $493.4m. In Q1 Wynn also recorded $167.4m in other, net finance-related expenses most of which may be ascribed to interest expenditure.
This left a pre-tax profit of $2.2 million, compared to the $253.5 million deficit recorded at the same point in 2022. With Wynn paying income tax of $1.0 million, net profit came out to be $1.1 million, compared to a $254.6 million loss last year.
Discounting a $11.2 million loss attributable to non-controlling interests, however, resulted in a net profit of $12.3 million, once more in sharp contrast to the $183.3 million net loss in 2022.
Furthermore, during the quarter adjusted property earnings before interest, tax, depreciation and amortisation or rent costs (EBITDAR), came out to be 142.0% up to $429.7m.
