Macau | Wynn Palace 'primary driver' of company's 20.2 pct net revenue increase in first nine months

Macau operations of Wynn Resorts, Limited generated US$3.75 billion (MOP30.24 billion) in net revenue for the nine months ended September 2018, the company noted in a filing with the Hong Kong Stock Exchange on Thursday.

Macau (MNA) – Macau operations of Wynn Resorts, Limited generated US$3.75 billion (MOP30.24 billion) in net revenue for the nine months ended September 2018, the company noted in a filing with the Hong Kong Stock Exchange on Thursday.

The amount reported for the first three quarters of the year represents an increase of    20.18 per cent from the US$3.12 billion registered during the same period a year ago.

Of the total, Wynn Palace has generated US$2.01 billion in net revenue and Wynn Macau and Encore, an extension of Wynn Macau, US$1.74 billion.

Adjusted Property EBITDA for Macau operations grew to US$1.18 billion from US$912.21 million.

In the third quarter of 2018 alone, operating revenues of Wynn Macau had increased 10.2 per cent, or US$157.7 million, to US$1.71 billion, from US$1.55 billion for the same period of 2017.

Operating revenues increased 13.1 per cent or US$582.1 million to US$5.03 billion for the nine months ended September 30, from US$4.45 billion for the same period in 2017.

The company noted that the increase of US$643.3 million at Wynn Palace, its property in Cotai, was the ‘primary driver’ of growth.

In particular, casino revenues went up 16.2 per cent to US$3.56 billion for the nine months under review, from US$3.07 billion for the same period in 2017. The company stressed these results were, again, primarily due to an increase of US$571.6 million from Wynn Palace – partially offset by decreases of US$49.0 million and US$25.6 million at Wynn Macau and its Las Vegas operations, respectively.

Operating revenues at Wynn Macau and the company’s Las Vegas operations decreased US$12.1 million and US$49.1 million, respectively, when compared with the same period of 2017.

Net income attributable to non-controlling interests reached US$180.0 million for the nine months under review when compared to US$89.8 million for the same period last year. These amounts were primarily related to the non-controlling interests’ share of net income from Wynn Macau, the filing stated.

Wynn Resorts operates integrated resorts in Macau and Las Vegas and generates revenues at its properties by providing services and products which include gaming, rooms, food and beverage and entertainment, retail and other.

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