Major casino operator Wynn Resorts Ltd. published on Thursday its financial results for the three months ended June 30, 2016 and provided updates on its Wynn Palace integrated casino resort, slated to open doors on Macau’s Cotai Strip on August 22.
Overall net revenue amounted to $1.06 billion for the quarter in review, up from a total of $1.04 billion reported for the same period of the previous year. The company attributed the growth in revenue to a 3.6% rise in its Macau operations, which was, however, partly offset by a 1.1% decrease in quarterly results from Las Vegas operations.
Adjusted property EBITDA totaled $312.7 million for the period in question, reflecting a 5.8% rise from the amount of $295.4 million posted for the three months ended June 30, 2015. The growth was attributed to a 9.8% increase from the company’s Macau division and a 0.2% one from its Las Vegas division.
During the period in review, Wynn Resorts’ Macau-based business generated a total of $639.3 million in net revenue, up 3.6% from the previous year. Adjusted property EBITDA totaled $190.4 million, reflecting a 9.8% increase from the same period in 2015.
Casino revenue totaled $609.8 million during this year’s second quarter, up 5.2% year-on-year. Non-casino revenue generated at the operator’s Macau-based properties totaled $68.1 million, down 12.7% from the $78.1 million posted for the same period a year ago.
Las Vegas operations contributed a total of $419 million to the overall figure reported for the second quarter of 2016, down 1.1% year-on-year. Adjusted property EBITDA amounted to $122.3 million, up 0.2% from the $122 million generated during the second quarter of 2015.
Casino revenue from Wynn Resorts’ Las Vegas gambling venues amounted to $132.9 million, down 1.3% from the prior-year period. Non-casino revenue was down 0.9% to reach a total of $327.4 million.
As mentioned above, the gambling operator provided an important update regarding the upcoming opening of its $4.2-billion Wynn Palace integrated resort, the company’s first such property on the Cotai Strip. The venue will be opened on August 22 and officials for Wynn Resorts said that it will probably feature 100 gaming tables upon opening.
Here it is important to note that the casino company has not received a confirmation by the Macau government as to how many tables it would be allocated initially. The operator further noted that if an original allocation of 100 gaming tables is granted, an approximate of 250 tables will be relocated from the existing Wynn Macau casino complex to the newly launched Wynn Palace. Thus, there will be around 350 tables at the new property and 270 of them at Wynn Macau. In addition, Macau officials are likely to allocate more gaming tables at some point in future.
Last week, Wynn Resorts was granted an important environmental permit for its Wynn Boston Harbor casino resort, which is to be built in Everett, Massachusetts. The said permit gives the gambling operator the green light to eventually proceed with the complex’s construction. Wynn Resorts targets a 2019 opening for the venue.
