Wynn Resorts revenue down for Q1
Wynn Resorts' revenue dropped 4% year-on-year to $1.65bn for Q1, with mixed results coming from its Macau operations.
Adjusted EBITDA decreased 12% to $494.8m,
Operating revenue from Wynn Palace saw a 9% increase to $726.6m, while casino revenue increased 10% from to $623.2m .
However, Wynn Macau’s operating revenues decreased 15% to $523.9m, and its casino revenue dropped 17%, to $450.2m.
The operator’s Las Vegas operations also suffered, as both operating revenue and EBITDA dropped. With operating revenue of $401m ,Las Vegas operations decreased 7%. EBITDA decreased 24% to $108.3m.
Wynn Resorts is currently constructing Encore Boston Harbor, a casino resort in Everett, Massachusetts. The resort will contain a hotel, casino space, retail offering and food and beverage outlets. The total project budget is estimated to be $2.6bn.
The company is also in the process of constructing a 430,000 square foot meeting and convention facility at Wynn Las Vegas.
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