Wynn Resorts, the casino resort operator, has reported a substantial increase in operating income for the year 2023. The company's revenue surged by $835.5 million, reaching $1.84 billion in the fourth quarter, as per the latest financial report. Notably, the net income for Q4 soared to $729.2 million, marking a substantial rise from the $32.4 million recorded in the fourth quarter of 2022.
Overall, Wynn Resorts experienced an impressive 80% increase in revenue throughout 2023 compared to the corresponding period in the previous year. Craig Billings, the company's CEO, emphasized that the EBITDAR (a metric measuring operating profit before taxes, depreciation, and amortization) for real estate achieved record levels in the organization's history.
Wynn Resorts owns luxurious five-star hotels situated in Las Vegas, Boston, and Macau, each featuring an integrated casino. Furthermore, the company is actively engaged in the development of the artificial island of Winn al-Marjan, located in the waters of the Persian Gulf under the jurisdiction of the United Arab Emirates. This project is being undertaken in collaboration with local partners Marjan LLC and RAK Hospitality Holding.
