Published

Wynn Resorts net income plummets year-on-year

Oper

WynnVegas
ator Wynn Resorts has reported a 97% year-on-year net income decrease to $11.9m for the six months ended 30 June.

Earlier this year, a net loss of $44m was reported for the first quarter of 2015, which was in comparison with net income of $226.9m for the same period last year.

Operating income for H1 2015 was $354.2m, down 51%, which was in part due to a 55% decrease in operating income from its Macau operations to $224.3m.

For Wynn Resorts’ Las Vegas operations, operating income dipped 29% to $106.1m.

Casino revenue declined 34% to $1.54bn, while adjusted property EBITDA dropped 36% to $618.4m and net revenue decreased 27% to $2.13bn.

For the second quarter of 2015 alone, net revenue was $1.04bn, down 26%, which Wynn Resorts has put down to a 36% net revenue decline for its Macau operations for the three month period.

Wynn Resorts said it has invested approximately $431.4m in its project to construct Wynn Palace, an integrated resort in the Cotai region of Macau, after signing a $2.6bn guaranteed maximum price contract for the project’s construction cost in 2013.

The operator also intends to develop and construct an integrated resort in Everett, Massachusetts after being awarded a gaming licence to do so in November.
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Digitain Malta
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...