Wynn Resorts net income plummets year-on-year

By David Cook
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.

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