Wynn reports revenue fall in first quarter
Wynn Resort’s revenue fell 4% year-on-year during the first quarter to US$1.65 billion.
US.- Wynn Resorts has reported that its revenue fell 4% during the first quarter of the year when compared to the same period in 2018. Revenue totalled US$1.65 billion during the quarter, with mixed results from Macau operations.
During the three-month period, adjusted EBITDA also decreased 12% to US$494.8 million. Revenue from Wynn Palace experienced a 9% increase to US$726.6 million, and casino revenue rose 10% to US$623.2 million.
On the other hand, Wynn Macau’s operating revenues decreased 15% to US$523.9 million, mainly because casino revenue fell down 17% to US$450.2 million. Moreover, Las Vegas operations also posted underwhelming results. Operating revenue fell 7% to US$401 million and EBITDA decreased 24% to US$108.3 million.
Matt Maddox, CEO of Wynn Resorts, said during a conference call that the company expects VIP incomes to recover. He also talked about ongoing projects and said that to date, Wynn has spent US$3.3 billion on the Encore Boston Harbor facility, expected to open next month.
