Gambling operator Wynn Resorts announced its financial results for the second quarter of the year. The company posted net revenue of $1.04 billion compared to $1.41 billion for the same period a year ago.
Casino operations generated a total of $714.2 million. In comparison, the amount of $1.09 billion was posted for the second quarter of 2014.
Wynn Resorts attributed the considerable decline to the 35.8% decrease in net revenue from its Macau operations and the 6.2% one in net revenue from its Las Vegas operations.
Adjusted property EBITDA totaled $295.4 million, down 36.8% year-on-year. The amount of $467.4 million was posted for the second quarter of 2014.
Net revenue from Macau operations amounted to $617 million for the three months ended June 30 compared to $960.6 million in 2014. Adjusted property EBITDA dropped 43.5% to $173.4 million for the period in review. The decrease was mainly attributed to the administrative region’s relatively weak gaming segment.
Net revenue from Wynn Resorts’ Las Vegas properties was $423.5 million for this year’s second quarter. In comparison, the amount of $451.4 million was posted for the same period a year ago. Adjusted property EBITDA totaled $122 million, down 23.9% as compared to the figures reported the prior year.
The operator’s Las Vegas-based gambling venues generated net casino revenue of $134.7 million during the three months ended June 30. It decreased 26.2% year-on-year.
As for the first six months of 2015, Wynn Resorts reported overall net revenue of $2.1 billion compared to $2.9 billion for the same period in 2014. Of those, $1.5 billion were from the company’s casino operations. Last year, the amount of $2.3 billion was posted.
Wynn Resorts also reported on its progress on the Wynn Palace project in Macau. The gambling company is building an integrated casino resort on the Cotai Strip. It is to feature a 1,700-room hotel, a large meeting hall, a casino floor, as well as a number of dining, entertainment, and retail options. The luxury property is expected to open doors in the first half of 2016. The amount of $4.1 billion is to be spent on it.
Wynn Resorts said that during this year’s second quarter, it invested more than $430 million on its Cotai project. Thus, the total investment on Wynn Palace reached $2.7 billion by the end of June.
