Wynn’s revenue up in the second quarter
While net income posted a double-digit decline in the second quarter, Wynn Resorts’ operating revenue increased by 3.3% year-on-year.
US.- Wynn Resorts has released the latest financial figures that show that the company posted year-over-year revenue increases across all of its facilities. During the second quarter of the year, Wynn achieved operating revenues of US$1.7 billion, representing a 3.3% increase year-on-year.
The operator reported that net income during the second quarter was US$94.6 million, which represents a 39% decline. Wynn believes this drop is due to pre-opening expenses related to the development of Encore Boston Harbor. Adjusted net income totalled US$153.9 million, also down 7%. Adjusted property EBITDA, however, increased 1% to US$480.6 million.
Moreover, Wynn Palace in Macau generated US$628.9 million, an increase of 1% year-on-year. Property’s adjusted EBITDA was US$167.2 million, a 7% fall. Casino revenue was US$528.5 million, which represents a slight 0.7% increase.
Wynn Macau’s revenue was US$546.5 million, representing a 0.6% increase over the same period last year. Adjusted property EBITDA was US$175.9 million, a 2% increase.
The company also reported that operating revenue from Las Vegas operations reported a 5.1% increase in the three-month period to US$464.1 million.
The CEO highlighted this quarter’s results
“We were pleased to deliver year-over-year revenue growth at all of our properties in the second quarter, with particular strength in our core mass business in Macau and REVPAR in Las Vegas,” said Matt Maddox, CEO of Wynn Resorts, Limited.
“On the development front, we have made meaningful progress designing and planning the Crystal Pavilion in Macau. We believe will be a ‘must-see’ tourism destination on Cotai. We also achieved a significant milestone during the quarter with the successful opening of Encore Boston Harbor. The East Coast’s first premium integrated resort opened on June 23. Importantly, the opening of Encore Boston Harbor drives a reduction in our near-term capital expenditures and improvement in our discretionary free cash flow profile,” said Maddox.
