LAS VEGAS (KLAS) — Wynn Resorts CEO Craig Billings was positively gushing Wednesday as he presented the company’s fourth-quarter earnings, and earnings for 2022 overall.
“The Wynn Las Vegas team absolutely crushed it in 2022. Our business in Las Vegas is stronger and more relevant than it’s ever been,” Billings said.
The company reported operating revenues of $1 billion for the fourth quarter. Net income was $32.4 million, compared to a net loss of $177.2 million in the fourth quarter of 2021.
For all of 2022, Wynn Resorts reported operating revenue of $3.756 billion, down slightly from $3.763 billion in 2021. Earnings (EBITDAR) for 2022 were $195 million, up from $149 million in 2021.
Las Vegas, which continues to power the company as casinos recover in Asia, had revenue of $585.5 million in the fourth quarter, an increase of $91.5 million over fourth quarter 2021. Earnings (EBITDAR) in Las Vegas were $219.3 million for the fourth quarter, an increase of nearly 18% over last year.
“I’m confident that this is an all-time record for a stand-alone Las Vegas Strip property,” Billings said.
Earnings calls are typically focused on past performance, but the company and investor representatives alike were more interested in talking about what has happened over the past two weeks in Macau, where tourism boomed after the Chinese New Year and relaxed COVID-19 restrictions. Hotel occupancy in the week after Jan. 22 reached 96%, Billings said.
The company alternated between raving about results and cautioning against expectations about continued performance.
“In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth,” Billings said.
The company launched retail sports betting at Encore Boston Harbor last week, and wagers averaged half a million per day over the first six days. That’s about 80% of the handle at Wynn Las Vegas.
Wynn executives expect to show renderings of its resort in the United Arab Emirates in the weeks ahead.
Throughout the earnings call, Wynn executives emphasized that the company’s performance relied on the quality of its entertainment offerings and its service — and not slashing costs to improve margins.
