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Wynn Macau operations rebound in 17Q2

Wynn Resorts’ Macau operations have posted a 57.5 percent increase in net profit for the second quarter of 2017, reaching US$102.6 million, boosted by strong revenue growth.

Casino revenue reached $1 billion in the quarter, compared to US$608.4 million in 16Q2.

Regarding Wynn’s two properties in Macau, Morgan Stanley analysts said the performance at the Wynn Macau property was stronger than that of Wynn Palace in 17Q2.

Net revenues from Wynn Macau reached $682.7 million in the quarter, a 6.8 percent increase from the same period in 2016.

Adjusted property EBITDA from Wynn Macau was $210.4 million, up 10.5 percent year-on-year.

Morgan Stanley noted that Wynn Macau VIP roll was up 21 percent quarter-on-quarter, while slot revenue was up 4 percent quarter-on-quarter.

Wynn Palace, which opened on August 22, 2016, reported net revenues of $414.7 million and EBITDA of $87.4 million for the second quarter of 2017. Casino revenues was $372.2 million.

VIP roll grew only 5 percent quarter-on-quarter, while VIP revenue fell 25 percent quarter-on-quarter. Mass and slot revenue grew by only 1 percent quarter-on-quarter, said the brokerage.

“The property had been suffering from access issues/construction in and around the property, but these could be resolved by the end of 2017,” said Morgan Stanley, quoting a report from the company.

Wynn Resorts, the parent company which also released its second quarter results - posted net revenues of $1.5 billion in 17Q2, an increase of 44.5 percent.

The company said the increase was the result of $414.7 million from Wynn Palace, which opened in the third quarter of 2016,and increases of $43.4 million and $12.9 million from Wynn Macau and the Las Vegas operations, respectively.

Net income increased 6.4 percent to $74.9 million in the quarter.

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