Total operating revenues from Wynn Resorts’ Macau operations grew 15.7 percent in the year ended Dec. 31, 2018, driven mainly by improved results at Wynn Palace, according to a filing from the operator on Friday.
Operating revenue from Wynn Palace grew 35.8 percent to US$2.8 billion in the full-year 2018, however, operating revenues from Wynn Macau fell 1.8 percent to $2.3 billion.
“The increase in operating revenues was primarily driven by increases in VIP turnover and table drop at Wynn Palace. The increase at Wynn Palace was partially offset by decreases at Wynn Macau and our Las Vegas Operations. The decrease at Wynn Macau was primarily driven by a lower VIP table games win percentage,” said the company in a statement.
The year saw a decline in net income attributable to Wynn Resorts, which totaled $572.3 million, a decrease of 23.4 percent.
Wynn Resorts said this was primarily a result of a litigation settlement expense of $463.6 million, partially offset by the increase in operating income from Wynn Palace.
Adjusted property EBITDA was $2.04 billion, up 12.9 percent, the rise was also due to strong performance at Wynn Palace, but was hampered by its Wynn Macau and Las Vegas operations.
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