Gambling operator Wynn Resorts Ltd. posted on Tuesday preliminary financial results for the quarter ended March 31, 2016. The company pointed out that the reported figures are subject to further review that is set to be completed soon.
Net revenue from the gambling operator’s Macau operations is expected to amount between $603 million and $613 million. In comparison, the amount of $705.4 million was reported for the first quarter of the previous year. Adjusted property EBITDA is expected to total between $187 million and $195 million in the quarter ended March 31, 2016. The total amount of $212.3 million was posted for the same period a year ago.
During the first quarter of 2016, Wynn Resorts ran an average of 189 VIP table games and 245 mass market table games, as well as an average of 781 slot machines. In comparison, the gambling operator offered an average of 252 VIP table games, 214 mass market ones, and 649 slot machines in the three months ended March 31, 2015.
Currently, Wynn Resorts manages two properties in the Chinese administrative region, the only territory in China where casino gambling is legal – Wynn Macau Resort and Encore at Wynn Macau. The gambling company is to launch a third hotel and casino resort on Macau’s Cotai Strip – Wynn Palace, on June 25.
Wynn Resorts said in its Tuesday statement that it expects net revenue of between $384 million and $394 million from its Las Vegas operations. In comparison, the amount of $386.9 million was generated in the three months ended March 31, 2015. Adjusted property EBITDA for the first quarter of 2016 is expected to range from $105 million to $113 million compared to $110.7 million posted for the same period of the previous year.
During the first quarter of 2016, Wynn Resorts operated an average of 237 table games at its Las Vegas properties compared to the same number featured at the venues in the same quarter of 2015. As for slot machines, there was an average of 1,889 of those in the three months ended March 31, 2016 compared to an average of 1,854 in 2015. The gambling operator manages two hotel and casino venues on the Las Vegas Strip – Wynn Las Vegas Resort & Country Club and Encore at Wynn Las Vegas.
