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Macau’s venues boost Wynn Resorts Q2 earnings

Wynn

WynnPalaceMacau
Resorts published its second-quarter financial results earlier this week, posting earnings of $1.5bn in revenues. This increase can be fairly attributed to the success of the brand’s Macau units, which accounted for the majority of this total.

Wynn Palace, the brand’s latest casino at the Cotai district, opened its doors late August last year. Despite its novelty, it produced casino revenue of $372m in the April to June period. Net revenues and Adjusted Property EBITDA from Wynn Palace were $414.7 million and $87.4 million, respectively, for the second quarter of 2017.

In other words, Wynn Palace produced about 180% more revenue than the company's combined Las Vegas operations.

Wynn Macau, the brand’s flagship at the city, experienced a 7.4% growth in casino revenue, compared to the prior-year same period. Casino revenues from this resort were $645m in the second quarter of 2017, whilst Adjusted Property EBITDA was $210.4m.

Speaking to the North-American channel CNBC, Wynn Resorts Chairman and CEO Steve Wynn said: “It's the big things that determine the long-range viability of these places.

“The future of the company is being built intelligently, with a strong foundation."

Macau Ltd President Ian Coughlan highlighted during the conference call the remarkable performance of the Wynn’s two resorts at the east side of Cotai: “Wynn Macau/Encore continues to perform very well, with notable growth in VIP and slots, and only a modest decline in mass tables.”

Although Wynn Resorts' second-quarter revenue has beaten analysts' estimates, investors were concerned with the softness of Macau’s mass-market. On their behalf, Wynn’s management said that the global casino operator remains solid, growing in market share VIP turnover, mass-market and slots.


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