Wynn Resorts Q2 revenue boosted by Wynn Palace income
Wynn Resorts’ financial results for Q2 show a 9% year-on-year growth to $1.6bn.
Operating revenue for the first half of the year was up 13% to $3.3bn.
Net income increased drastically to $155.8m, or $1.44 per diluted share, for the second quarter of 2018, compared to $74.9m, or $0.73 per diluted share..
Revenue was dependent on Macau operations, where Wynn Palace recorded revenue of $620m, an increase of 56%, and this was offset by a 15% revenue decrease at Wynn Macau, to $543.3m.
Adjusted Property EBITDA was $476.4m,, an increase of 11%. Adjusted Property EBITDA from Wynn Palace increased $91.9m. This increase was offset by decreases of $37.5m and $8.1m from Wynn Macau and Las Vegas Operations respectively.
Non-casino revenues from Las Vegas Operations were $339.8m,, a 1% increase, and both Macau-based casinos also posted large increases to non-gaming revenue. Wynn Macau took $70m for the quarter, an increase of 16%, and Wynn Palace revenues were $95.6m, an increase of 30%.
Las Vegas operations showed a small increase in revenue by 1% to $441m, as adjusted property EBITDA decreased by 6% to $124m.
Total outstanding debt at the end of the quarter was $8.31bn, including $4.23bn of Macau-related debt, $3.1bn of Wynn Las Vegas debt and $985.9m at the parent company and from other operations.
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