Dive Brief:

• In an earnings report Thursday, Wynn Resorts posted increased net operating revenues in the third quarter of 2023, up by approximately 87% year over year and 4.3% quarter over quarter.  
• In Las Vegas, Wynn saw 13.7% third-quarter year-over-year revenue growth. Wynn’s adjusted property EBITDAR in Vegas was also up in the third quarter, rising 12.2% year over year to $219.7 million. 
• In a Thursday earnings call with analysts, Wynn Resorts CEO Craig Billings attributed the Vegas results to “frenetic” activity at Wynn Las Vegas. He expects continued growth in the market driven by upcoming events, including Formula 1’s Grand Prix, which is forecasted to drive record revenues for the hotel.  

Dive Insight:

Wynn saw strong hotel performance across its Vegas operations in the third quarter, according to the company’s earnings report. Wynn saw 8.7% ADR growth and 10.3% RevPAR growth year over year in Vegas, the report details. Occupancy rates in the city also increased, standing at 90% in Q3 2023, up from 88.8% at the same time last year. 

Significant activity at Wynn’s Vegas hotels, restaurants and casinos drove the results, Billings said during the earnings call. “We continue to be at the top of our game here in Las Vegas,” he added. 

Billings said he expects growth to continue into the fourth quarter and beyond due in part to “a robust programming calendar with F1 and the Super Bowl just ahead.” 

Formula 1’s Grand Prix, scheduled for later this month, is “shaping up to be a great event,” Billings said on the call. 

“We should exceed our all-time hotel revenue record by about 50% for the three-day period,” Wynn Las Vegas President Brian Gullbrants said on the call, referencing the weekend of the Grand Prix. 

During their Q3 earnings calls, Wynn’s peers Caesars Entertainment and MGM Resorts International similarly expressed a positive growth outlook for F1’s Grand Prix and other upcoming events in Vegas, like Super Bowl LVIII. 

All three companies faced the same challenge in Vegas in the third quarter, though — a strike threat. In September, members of Vegas’ Culinary Union voted to authorize a strike, seeking wage increases and workplace protections. 

At the time of Wynn’s earnings call, both Caesars and MGM had reached agreements with their workers to avoid strikes at their properties along the Strip. 

Wynn reached its deal hours later, becoming the final resort operator to avert walkouts.