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NEWS 8 November 2018

Wynn Resorts Q3 revenue soars in Macau as Las Vegas declines

By Tim Poole

Wynn Resorts has reported a 10% year-on-year increase in operating revenues for Q3 to $1.71bn.

However, figures for Wynn Resorts’ Macau and Las Vegas operations told two very different stories.

Wynn Palace operating revenue increased 39% to $730.6m, while Wynn Macau rose 3% to $579.6m.

But operating revenues in Las Vegas fell 14% to $398.9m, with casino, non-casino and table game revenues all falling.

A notable trend for Wynn Resorts was the growth of its non-casino revenues in Macau, with Wynn Palace generating $105m, a 35% rise, and Wynn Macau generating $76.1m, a 20% increase.

Adjusted Property EBITDA rose 7% to $504.4m, although this was again due to performance in Macau and was partially offset by a Las Vegas decline.

The operator also expects to open its new casino Encore Boston Harbor in mid-2019, having so far incurred $1.83bn in total project costs, with $2.6bn projected by completion.

Gross gaming revenue within the Macau casino industry was its highest for four years during the month of October, boding well for Wynn Resorts' performance in Q4, despite warnings of a "slowdown" after Golden Week.

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