Wynn Resorts, the leading luxury hotel and casino operator in Las Vegas, has reported its best financial quarter ever, thanks to the high-profile events of F1 and Super Bowl in the city. The company also expects to continue its strong performance in February, as it attracts the best customers from around the world.
F1 boosts Wynn’s casino and hotel revenues
The F1 Las Vegas Grand Prix, which took place in November 2023, was a huge success for Wynn Resorts, as it hosted many of the VIP guests and spectators who came to witness the historic race. The company said it beat hotel revenue records during the F1 weekend, and that its dealers split $1 million in tips. Wynn Resorts CEO Craig Billings said that the company was the go-to spot for the best customers attending citywide events like F1.
Wynn Resorts also benefited from the Sphere, the new entertainment venue next to its property, which hosted concerts by U2 and other artists during the F1 week. Billings said that the Sphere was “incredibly novel, incredibly unique, and I think it’s yet another ‘only in Vegas’ experience you can have, and we’re delighted they’re next door.” He said that the company received requests all the time for rooms with the best views of the Sphere.
Super Bowl adds to Wynn’s momentum
Wynn Resorts is also looking forward to the Super Bowl LVIII, which will be held in Las Vegas on February 4, 2024. The company expects to see a surge in hotel and casino revenues, as well as online sports betting, through its WynnBET platform. Billings said that the Super Bowl was a perfect match for Wynn’s luxury customer base, and that February was shaping up as its best month ever.
Wynn Resorts is also the official nightlife partner of the Las Vegas Raiders and Allegiant Stadium, where the Super Bowl will take place. The company has a field-level club section at the stadium, where it offers exclusive tables and bottle service to its guests. The tables at the Wynn Field Club section are reportedly sold out for the Super Bowl, with prices ranging from $75,000 to $150,000.
Wynn Resorts posts record quarter and year
Wynn Resorts reported $1.84 billion in operating revenue for the fourth quarter of 2023, a big increase from the $1 billion it had for Q4 of 2022. The company attributed its strong results to the recovery of its properties in Macau, as well as the robust demand in Las Vegas. Wynn’s properties in Macau generated $910.6 million in operating revenue in Q4, while Wynn Las Vegas generated $698.8 million.
For the full year of 2023, Wynn Resorts had $6.53 billion in operating revenue, an increase of $2.78 billion compared to the previous year. The company said it was firing on all cylinders, and that it was not concerned about the competition from the new Fontainebleau Las Vegas, which opened in December 2023. Billings said that he did not see any impact from the new resort, and that Wynn Resorts was the leader in luxury in Las Vegas.
