Wynn Resorts makes Q1 net loss

no operator Wynn Resorts has reported a net loss of $44m for the first quarter of 2015, in comparison with net income of $226.9m for the same period last year.

Net revenue fell 28% year-on-year from $1.51bn to $1.09bn, which Wynn has put down to a 38% net revenue decrease for its Macau operations, with that total of $705.4m being down from $1.13bn.

Wynn CEO and company founder Steve Wynn said on a conference call with investors: “Uncertainty is the plaguing word of the day in Macau. I fear it may erupt into protests against the government if it isn’t settled soon.”

The Macau casino market suffered its first recorded drop in annual revenue last year and the monthly revenue total has declined year-on-year for the last nine consecutive months.

Wynn’s adjusted property EBITDA was $323m, declining 35% from $494.6m, while adjustable net income was $70.5m, down 70% from $236.7m.

An increase has however been reported for net revenue from Wynn’s Las Vegas operations, which went up 2% to $386.9m from $380.9m.