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NEWS 10 May 2019

Wynn Resorts revenue down for Q1

By Nathan Joyes

Wynn Resorts' revenue dropped 4% year-on-year to $1.65bn for Q1, with mixed results coming from its Macau operations.

Adjusted EBITDA decreased 12% to $494.8m,

Operating revenue from Wynn Palace saw a 9% increase to $726.6m, while casino revenue  increased  10% from  to $623.2m .

However, Wynn Macau’s operating revenues decreased  15% to $523.9m, and its casino revenue dropped  17%,  to $450.2m.

The operator's Las Vegas operations also suffered, as both operating revenue and EBITDA dropped. With operating revenue of $401m ,Las Vegas operations decreased  7%. EBITDA  decreased 24% to $108.3m.

Wynn Resorts is currently constructing Encore Boston Harbor, a casino resort in Everett, Massachusetts. The resort will contain a hotel, casino space, retail offering and food and beverage outlets. The total project budget is estimated to be $2.6bn.

The company is also in the process of constructing a 430,000 square foot meeting and convention facility at Wynn Las Vegas.

 

 

 

 

 

RELATED TAGS: Land-Based | Industry | Legal & Regulatory | Financial | Casino
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