Wynn Macau profits rise 26.5% in first quarter of 2017

Wynn Macau Ltd casino group has reported a significant 26.5% rise in net profits for the first quarter of 2017.

In unaudited results filed with the Hong Kong Stock Exchange, the group reported net profits of $103.6m, compared with profits of $81.9m for the same period in 2016.

This uptick in profitability was driven by the addition of revenue from the recently-opened Wynn Palace in Cotai, and masked a decrease in net revenue from the group’s Wynn Macau casino, which was down 3.5% to $587m in the first quarter of 2017.

Revenue from the resort’s VIP table games fell by 1.4% from $13.47bn in Q1 2016 to $13.28bn in Q1 2017. Table game mass market operational revenue dropped from $247.5m in Q1 2016 to $212.9m in Q1 2017, a fall of 14%.

Slot machine handle decreased by 21.9% over 2016, as did slot machine win, decreasing by 23.6% to $38.6m. Gross income from non-casino revenues also fell 15.5% to $64.9m in Q1 2017.

Overall though, US parent company Wynn Resorts Limited net revenue rose dramatically from $997.7m in the first quarter of 2016 to $1.48bn for the same period in 2017, a rise of 47.9%.

The operator attributed this increase of $475.8m to additional income from the Wynn Palace and an increase of $23.4m from the group’s Las Vegas operations, which was partially offset by a decrease in revenue from Wynn Macau of $21.2m.