LAS VEGAS (KLAS) — Wynn Resorts struggled through a January dominated by the omicron variant, but by the end of the first quarter, finances were looking much better.
Wynn’s first-quarter earnings call with investors emphasized the positives as company officials said hotel occupancy reached 91% in March, along with an all time one-month record in profitability. The company’s adjusted property EBITDA — a common measure of profitability — rose 467% compared to the first quarter of 2021. For the quarter, hotel occupancy was 76.9%.
The average daily room rate charged at Wynn Las Vegas has climbed 30.5% compared to the first quarter of 2021, and is now $432.
Wynn Resorts reported $953.3 million in operating revenues — an increase of $216.7 million over the first quarter of 2021. Las Vegas operating revenues carried the bulk of that increase — $262.5 million — to offset decreases in Macau. The company’s Boston Harbor property had an increase of $60.7 million.
“Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams’ unrelenting focus on five-star hospitality and world-class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties,” said Craig Billings, CEO of Wynn Resorts, Limited. “In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside.”
The company also saw the return of some convention business, but international travelers still have not returned at significant levels.
Many of the numbers posted in the first quarter were above 2019 levels (pre-COVID).