Wynn Resorts net income plummets year-on-year
Operator 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.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
