Wynn Resorts
Q1 2023 Earnings Call
May 09, 2023, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Wynn Resorts first quarter 2023 earnings call. [Operator instructions] This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Cameron -- I'm sorry, to Julie Cameron-Doe, chief financial officer.
Please go ahead.
Julie Cameron-Doe -- Chief Financial Officer
Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto, and Jenny Holaday. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.
I will now turn the call over to Craig Billings.
Craig Billings -- Chief Executive Officer
Thanks, Julie. Afternoon, everyone, and thanks for joining us today. Before we get into the specifics of the quarter, I'm pleased to say that after three years of suspension, today, we announced that we are resuming payment of a quarterly dividend, initially $0.25 per share. We have a number of growth projects in flight that require capital and will ultimately add meaningful EBITDA to our business.
But with Macau returning to profitability and North America continuing to perform well above historical levels, we have sufficient financial flexibility to also return capital to shareholders. I also want to express appreciation to our 27,000-plus team who were once again recently recognized by Forbes Travel Guide with 24 Five Star Awards, the most of any independent hotel company in the world. Thank you for all that you do. Turning to Las Vegas.
I have to tell you, it's a fascinating time in our business. Despite the confluence of high inflation, high-interest rates, bank failures, and increasingly difficult year-over-year comps, Wynn Las Vegas delivered an all-time record in Q1 with $232 million of adjusted property EBITDA, supported by a consumer that continues to feel flush. We also subsequently delivered the best April in the history of the property. We continue to invest heavily in people, programming, and the building to further distance ourselves as the clear leader in luxury in Vegas.
Looking ahead, we currently have a strong pipeline of forward group demand, continued rooms pricing power, healthy drop in handle, and a robust programming calendar, particularly in the back half of the year. Yet I continue to watch the macro factors that I mentioned earlier, and I will note that with Q2 '23, we will begin comping against some very strong prior year quarters. Lastly, just as I have the past several quarters, I will continue to tell you exactly what we're seeing. And right now, things feel good around here.