Wynn Resorts reports continued progress in latest Q1 financial update

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Wynn Resorts has posted its Q1 financial results for the period ended March 31, 2021, with CEO Matt Maddox citing strong progress due to the return of customers after restricted trading amid the COVID pandemic.

Operating revenues were $725.8m for the first quarter of 2021, a decrease of 23.9%, or $227.9m, from $953.7m year-on-year. Q1 net loss was $281m versus a net loss of $402m in Q1 2020. Adjusted Property EBITDA at the firm’s integrated resort properties increased $17.2m, $50.2m, and $43m at Wynn Palace, Las Vegas Operations, and Encore Boston Harbor, respectively. 

“Our first quarter results reflect continued progress in our business as consumers began to once again travel to their favorite leisure and gaming destinations,” said Maddox. Wynn Las Vegas showed continued strength in the casino segment, with the property remaining the destination of choice for high quality gaming customers, while forward bookings in the leisure segment improved throughout the quarter. 

“Encore Boston Harbor again delivered record adjusted property EBITDA on the back of solid execution across the property.”

He added: “We are also pleased to announce our intention to fuel the growth of WynnBET through a merger of Wynn Interactive with Austerlitz Acquisition Corp I. We are proud to join forces with Bill Foley as we continue to aggressively scale in online sports betting and igaming. With WynnBET now live in six states, we will be launching enhanced product features and expanding our market position in 2021.”

In a separate statement, Wynn Resorts and Austerlitz Acquisition Corporation I confirmed that they have entered into a definitive agreement under which Austerlitz I will combine with Wynn Interactive Ltd, a subsidiary of Wynn Resorts, to create an independent public company. 

Upon closing of the proposed transaction, the combined company will retain the “Wynn Interactive Ltd” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET”.