Wynn reports revenue losses in Q3
Wynn Resorts’ operating revenues reported a setback during the third quarter of the year, ended September 30, 2019.
US.- Wynn Resorts has released the third-quarter financial results, showing that operating revenues were US$1.65 billion during that period. That figure represents a 3.6% decline to US$61.3 million from the US$1.7 billion registered in the third quarter of 2018.
Operating revenues decreased US$132.4 million and US$105.3 million year-on-year at Wynn Palace and Wynn Macau, respectively. Furthermore, operating revenues were also relatively flat at Las Vegas operations, the company said. Operating revenues from Encore Boston Harbor of US$175.8 million partially offset the decrease in operating revenues at Wynn Palace and Wynn Macau.
Adjusted Property EBITDA was US$396.9 million for the third quarter of 2019, a decrease of 21.3%, or US$107.4 million. Adjusted Property EBITDA decreased US$64 million, US$43.9 million, and US$7.3 million at Wynn Palace, Wynn Macau, and Las Vegas, respectively. Moreover, adjusted Property EBITDA from Encore Boston Harbor was US$7.7 million.
The CEO’s word
“We delivered solid financial results in the third quarter, despite negative hold impact in both Macau and Las Vegas,” said Matt Maddox, CEO of Wynn Resorts, Limited. “In Macau, the investments we have made position us well to compete in any market environment, as evidenced by record mass table win in the quarter. Our strategy at Wynn Las Vegas continues to bear fruit as we increased market share in our domestic gaming business and drove nearly 4% year-on-year growth in RevPAR. During our first full quarter of operations at Encore Boston Harbor, we have been particularly pleased with the strength of our table games business and we are encouraged by the opportunity to drive growth at the property over the next several years.”
“On the development front, we are on track to launch the renovated West Casino at Wynn Macau beginning in late 2019, further solidifying the property as the peninsula’s marquee integrated resort. In Las Vegas, our 430,000 square-foot group space expansion is on schedule to open in the first quarter of 2020 and feedback from meeting planners has been very encouraging. Importantly, we were happy to be certified as the only casino resort in Las Vegas as a ‘Great Workplace’ by the analysts at Great Place to Work® highlighting the advancements we have made in our corporate culture over the past eighteen months. We are excited about the outlook for the Company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders.”
