Wynn Resorts anticipates a substantial rise in earnings for the 2021 financial period, with projections indicating a 43.6% boost in revenue.
The company anticipates its annual revenue to reach between $179.9 million and $180.4 million, representing a 43.6% increase compared to the previous year.
These projected results would mark the company’s most successful performance in eight years.
Operating profits are expected to fall between $36.9 million and $38.1 million, a notable increase of 262.8% compared to the $10.5 million recorded in 2020.
Net income is projected to range from $10.9 million to $12.6 million, significantly higher than the $100,000 reported in 2020, which was heavily impacted by the global pandemic.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to be between $46.6 million and $47.8 million, reflecting a 142.6% year-on-year increase. This includes $2.1 million in corporate expenses that are not anticipated to recur in future periods.
Meanwhile, the resort owner anticipates its fourth-quarter 2021 revenue to be between $43 million and $43.5 million, potentially representing a 13.5% increase compared to the same period in 2020.
Operating income is projected to fall between $4.9 million and $6.1 million, potentially signifying a 57.1% year-on-year decline.
Net income is expected to range from $4.2 million to $5.9 million, potentially indicating a 68.5% increase. Adjusted EBITDA for the quarter could potentially decrease by 25.5% year-on-year if it falls within the forecasted range of between $7.
The firm is allocating a significant portion of its funds to new ventures. They’re committing $3 million and $8.5 million to one project, and they’re also pouring $100 million into a temporary gambling establishment in Waukegan, Illinois. This casino is scheduled to open in the mid-point of 2022 and will feature a wide array of slot machines and table games.
They’re also increasing their expenditures on the Chamonix Casino Hotel in Cripple Creek, Colorado. They’ve raised their investment from $180 million to $250 million. This hotel is still under construction.
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