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Wynn Resorts posts record quarter, looking for more with Super Bowl

Updated February 7, 2024 - 4:49 pm

Wynn Resorts Ltd. had the best financial quarter in its history at the end of 2023, and CEO Craig Billings said February is shaping up as its best ever.

The Las Vegas-based resort company continues to “fire on all cylinders,” Billings said in a Wednesday earnings call with investors, adding that the opening of Strip neighbor Fontainebleau hasn’t impacted the company’s operations at all.

The company reported revenue of $1.84 billion for the quarter that ended Dec. 31, an 83.3 percent increase from the fourth quarter of 2022.

Billings said while the Formula One Las Vegas Grand Prix was a highlight in November, it wasn’t the only thing to drive results in the fourth quarter.

“While F1 was clearly a contributor, activity at the property was intense throughout the quarter with REVPAR (revenue per available room), table drops, slot handle, and food and beverage revenue all well above what was a very strong quarter in 2022. In fact, we had our best October, our best November, and our best December ever in terms of (cash flow) during Q4.”

The current quarter, he said, is just as strong.

“More recently, January 2024 looked a lot like January 2023 from an overall revenue perspective with hotel revenue particularly strong,” Billings said. “That being said, January isn’t where the action is this quarter. It’s all about February. Super Bowl, Chinese New Year, and for us, the best February in our history for conventions. Between Super Bowl and Chinese New Year, we have double the front money and credit that we had in 2023, and we expect record hotel revenue over Super Bowl. So a very active February will really set the tone for the first quarter.”

In response to a question from an analyst, he said the December opening of Fontainebleau, which has aimed to operate in the same high-end luxury market as Wynn, hasn’t been a factor to Wynn, even as some high-ranking former Wynn executives have been hired by Fontainebleau. The most recent: former Wynn Las Vegas President Maurice Wooden, hired as Fontainebleau’s president.

Billings said Wynn’s convention calendar is strong for 2024 and the company has several growth options on the horizon. He also said his company is fortunate to be a neighbor of the Sphere and that many high-rolling guests request rooms with a view of the flashy performance venue.

Billings also referenced the possibility of development in other venues.

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“We’ve got a huge land bank here in Vegas, right? We’ve got the land across the street (Las Vegas Boulevard), we’ve got the golf course. There’s a lot that we can do here. We’re in pursuit, as I think everyone knows, in New York, we have a project that’s actually coming out of the ground in the UAE. There’s some additional states that are moving, albeit at a relatively slow pace, that might prove to be opportunities for us. We obviously don’t do every potential jurisdiction. We’re very selective.”

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.

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