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WYNN - Wynn Resorts Ltd.
$101.13
0.11(0.11%)8:00:00 PM 5/26/2023
Wynn Resorts, Limited is an American publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn, and is now run by CEO Matthew Maddox. As of 2020, the company has developed six properties. Most notably, its flagship Wynn Las Vegas and Encore Las Vegas have each earned Five-Star status on the 2020 Forbes Travel Guide Star Rating list and are now the largest and second largest FTG Five-Star resorts in the world, respectively. Wynn Palace, originally earning FTG Five-Star status in 2018, is the third largest. In 2000, Steve Wynn agreed to sell Mirage Resorts to MGM Grand, after having led Mirage and its predecessors since 1973. Wynn laid the foundation for his next venture that same year, buying the Desert Inn for $270 million.

Financials

Quarterly financials
(USD)Mar 2023Q/Q
Revenue1.4B+42%
Operating Income169.5MM+71%
Operating Expenses1.3B-
Net Income12.3MM-62%
G&A259.8MM+12%
Amortization168.8MM-2%
Interest Expense187.7MM+5%

Revenue Breakdowns

The revenue breakdowns above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-02-27. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management Discussion and Risk Factors in 10-K/10-Q filling

Positive
1.
The property reopened its hotel tower to seven days per week as of September 1, 2021.Room revenues increased $209.6 million, primarily due to higher occupancy and ADR at our Las Vegas Operations and Encore Boston Harbor.
2.
The decrease in operating revenues was partially offset by increases in operating revenues of $628.5 million and $139.6 million from our Las Vegas Operations and Encore Boston Harbor, respectively, as a result of increased gaming volumes as well as increases in hotel occupancy and covers at restaurants.
3.
Adjusted Property EBITDAR at our Las Vegas Operations increased $270.2 million for the year ended December 31, 2022, primarily due to an increase in revenues from hotel and food and beverage operations.
4.
Food and beverage revenues increased $212.3 million, primarily due to increased restaurant covers and nightlife revenues at our Las Vegas Operations.
5.
Adjusted Property EBITDAR at Encore Boston Harbor increased $33.3 million for the year ended December 31, 2022, primarily due to an increase in revenues from casino and hotel operations, partially offset by increased operating expenses.
6.
OverviewWe are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community.
7.
Adjusted Property EBITDAR at Wynn Interactive increased $168.9 million for the year ended December 31, 2022, primarily due to decreased marketing and promotional expenses.
Negative
1.
Our Macau Operations for the year ended December 31, 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other procedures related to the COVID-19 pandemic.
2.
38 Table of ContentsCasino revenuesCasino revenues decreased as a result of lower gaming volumes at our Macau Operations due to pandemic-related travel restrictions, offset by higher gaming volumes at our Las Vegas Operations and Encore Boston Harbor.
3.
The results of our Macau Operations for the years ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.(2) On January 25, 2021, Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday weekly schedule.
4.
Unfavorable changes in the Company's estimates could require an impairment charge in the future.
5.
During the year ended December 31, 2022, Wynn Palace and Wynn Macau continued to experience disruptions to their respective businesses as a result of the COVID-19 pandemic as noted in Note 1, "Organization and Business."
6.
These estimates are subjective and may change should the COVID-19 pandemic, including travel restrictions and operating capacity limitations, persist longer than expected.
The management discussion contents above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-02-27. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.
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