Julie Cameron-Doe
Chief Financial Officer at Wynn Resorts
Thank you, Craig. At Wynn Las Vegas, we generated $224.1 million in adjusted property EBITDAR on $578.1 million of operating revenue during the quarter, delivering an EBITDAR margin of 38.8%. Slightly lower-than-normal hold negatively impacted EBITDAR by around $2 million in Q2 and hold-normalized adjusted property EBITDAR was up 3% year over year. Our hotel revenue increased 6% year over year to $177.8 million, a new second quarter record on the back of an increase of 24,000 occupied room nights. Due to rooms that were out of service for renovations in Q2 2022, ADR, occupancy and RevPAR were all up slightly compared to Q2 2022, despite the increase in available room nights, highlighting the appeal of our newly renovated room product. Our other non-gaming businesses saw broad-based strength across food and beverage, entertainment, and retail. In the casino, our GGR increased around 2% year over year, driven by a 14.8% year-over-year increase in slot handle and table drop that was roughly flat.
Turning to Boston, we generated adjusted property EBITDAR of $69.1 million, an all-time property record. EBITDAR margin was 31.1%, up 80 basis points year over year. We saw broad-based strength across casino and non-gaming during the quarter. In the casino, we generated $193 million of GGR, a property record, with strength in both tables and slots.
Our non-gaming revenue grew 3.8% year over year to $55.1 million, with particular strength in hotel and food and beverage. We've stayed very disciplined on the cost side with opex, excluding gaming tax per day, of approximately $1.15 million in Q2 2023, up 3.6% year over year on increased business volumes and down 1% sequentially. As you may have seen in the press, we were pleased to recently sign new union agreements that provide our employees with competitive wages, benefits, and a best-in-class working environment that reflects our Wynn service standards.
We expect the incremental opex from the new agreements to be partially offset by cost efficiencies we have identified in areas of the business that do not impact the guest experience. Additionally, I would like to note that business volumes in Q3 are temporarily being negatively impacted by the Sumner Tunnel Restoration Project the City of Boston is conducting that will be ongoing through August 31. The impact is primarily being felt in our table games business as both slots and non-gaming revenue continued to grow year on year in July.
Our Macau operations delivered adjusted property EBITDAR of $246.2 million in the quarter on $769.9 million of operating revenue. As Craig noted, we held high in our VIP business, but this was more than offset by lower-than-expected hold on the mass table side. We were encouraged by the meaningful uptick in visitation and demand we experienced during the quarter, with particular strength in mass casino drop, direct VIP turnover, luxury retail sales, and hotel revenue, all above Q2 2019 levels.
EBITDAR margin was 32% in the quarter, an increase of 280 basis points relative to Q2 2019, with Wynn Palace's margin reaching 33.4%, or 690 basis points above Q2 2019 levels. EBITDAR margin strength was driven by a combination of a favorable mix shift to higher margin mass gaming and operating leverage on cost efficiencies. In fact, our opex, excluding gaming tax, was approximately $2.2 million per day in Q2, a decrease of 29% compared to $3.2 million in Q2 2019 and down 2% from Q1, despite the meaningful sequential increase in business volumes. The team has done a great job remaining disciplined on costs, and we're well positioned to continue to drive strong operating leverage as the business recovers over time.
In terms of capex, we're currently advancing through the design and planning stages on our concession commitments. And as we noted the past few quarters, these projects require a number of government approvals, creating a wide range of potential capex in the very near term. As such, for 2023 through 2024, we expect capex related to our concession commitments to range between $300 million and $400 million.
Turning to Wynn Interactive, our EBITDAR burn rate decreased both sequentially and year over year to $15 million in Q2 2023. Our team continues to stay disciplined on costs, while driving improved marketing efficiency.
Moving on to the balance sheet. Our liquidity position remains very strong, with global cash and revolver availability of approximately $4.7 billion as of June 30. This was comprised of $1.8 billion of total cash and available liquidity in Macau and $2.9 billion in the U.S. Importantly, the combination of strong performance in each of our markets globally, with our properties run rating approximately $2.2 billion of annualized property EBITDAR, together with our robust cash and liquidity, creates a very healthy leverage profile for the company globally.
We're also pleased to announce that the Board approved a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023, highlighting our commitment to returning capital to shareholders. Finally, our capex in the quarter was $92 million, primarily related to the spa villa renovations and food and beverage enhancements at Wynn Las Vegas and normal course maintenance across the business.
With that, we'll now open up the call to Q&A.
