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NEWS 7 November 2019

Wynn Q3 revenue down due to Macau struggles

By Tim Poole

Wynn Resorts operating revenue fell 3% year-on-year for Q3 2019, to $1.65bn.

Flat revenue in Las Vegas and revenue of $175.8m at Encore Boston Harbor were offset by decreases of $132.4m and $105.3m at Wynn Palace and Wynn Macau respectively.

Net loss attributable to Wynn for the quarter was $3.5m, compared to net income of $156.1m for Q3 2018, primarily due to a decrease in VIP table games win in Macau.

Wynn’s overall adjusted property EBITDA was also 21% down at $396.9m.

Operating revenue was $598.2m at Wynn Palace, 18% down, while there was an equal 18% decrease to $474.3m at Wynn Macau.

In Las Vegas, operating revenue didn’t change, at $399.5m, although adjusted property EBITDA fell 8% to $88m.

Focusing on the positives, Wynn Resorts CEO Matt Maddox said: "We delivered solid financial results in the third quarter, despite negative hold impact in both Macau and Las Vegas.

"Our strategy at Wynn Las Vegas continues to bear fruit as we increased market share in our domestic gaming business and drove nearly 4% year-on-year growth.

"During our first full quarter of operations at Encore Boston Harbor, we have been particularly pleased with the strength of our table games business and we are encouraged by the opportunity to drive growth at the property over the next several years."

RELATED TAGS: Land-Based | Casino | Financial
IN-DEPTH 15 November 2019
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