Macau VIP turnover falls for Wynn; overall revenue up 3% to $1.66bn

By Matthew Enderby

Wynn Resorts generated operating revenue of $1.66bn for Q2, an increase of 3% year-on-year.

However, net income attributable to the operator for the period was $94.6m, or $0.08 per diluted share, a drop of 39%.

Wynn attributes this decline to an increase in pre-opening expenses related to the development of Encore Boston Harbor.

Adjusted net income was $153.9m, or $1.44 per diluted share, down 7%.

Wynn reported adjusted property EBITDA of $480.6m, up 1%.

Elsewhere, at Wynn Palace in Macau, the operator generated revenue of $628.9m, up 1% year-on-year. Adjusted property EBITDA at the venue was $167.2m, down 7%.

Casino revenue at Wynn Palace was $528.5m, an increase of 0.7%, while table game turnover in VIP operations was $13.3bn, a 5% decrease, and table drop (the amount of money exchanged for chips) in mass markets fell 4% to $1.2bn. Non-casino revenue totalled $100.4m at Wynn Palace.

At Wynn Macau meanwhile, revenue of $546.5m was made, up 0.6%. Adjusted property EBITDA was $175.9m, up 2%.

Casino revenue was $481.2m, a 2% increase. Most notably though, table game turnover for VIPs was $9.3bn, down 33%, while table drop in mass markets was $1.3bn, up 4%. Non-casino revenue was $65.3m.

Matt Maddox, CEO of Wynn Resorts said: "On the development front we have made meaningful progress designing and planning the Crystal Pavilion in Macau.

"We also achieved a significant milestone during the quarter with the successful opening of Encore Boston Harbor on 23 June."


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