Wynn Resorts’ Macau based operations have come to the rescue for the US casino operator, as the firm’s Las Vegas properties recorded revenue decreases for the third quarter of 2018.
Overall operating revenues for the period came in at $1.71bn, a boost of 10.2 per cent ($157.7m) from $1.55bn the previous year, with Wynn Palace taking the lion’s share of $730.6m, a 39.1 per cent jump on 2017’s $525m.
Wynn Macau also rose 3.1 per cent to $579.6m (2017: $562m), helping offset a 14.1 per cent drop in Las Vegas where Q3 operating revenues came in at $398.9m (2017: $464.3m).
In a media release for its third quarter figures, Wynn Resorts also revealed further details of its performance: “On a US generally accepted accounting principles (GAAP) basis, net income attributable to Wynn Resorts Limited was $156.1 million, or $1.44 per diluted share, for the third quarter of 2018, compared to $79.8 million, or $0.78 per diluted share, for the same period of 2017.
“The increase in net income attributable to Wynn Resorts, Limited was primarily due to an increase in operating income from Wynn Palace and Wynn Macau, offset by a decrease in our Las Vegas operations. Adjusted net income attributable to Wynn Resorts was $182.3 million, or $1.68 per diluted share, for the third quarter of 2018, compared to $155.8 million, or $1.52 per diluted share, for the same period of 2017.
“Adjusted Property EBITDA was $504.4 million for the third quarter of 2018, an increase of 6.6%, or $31.4 million, from $473.0 million for the same period of 2017. Adjusted property EBITDA increased $87.9 million at Wynn Palace and was relatively flat at Wynn Macau compared to the same period of 2017. The increase at Wynn Palace was partially offset by a decrease of $56.2 million at our Las Vegas operations.”
Wynn also provided an update on its Encore Boston Harbor project in Massachusetts, located adjacent to Boston along the Mystic River, for which its total budget, including gaming licence fees, construction costs, capitalised interest, pre-opening expenses and land costs, is estimated to be approximately $2.6bn.
As of September 30 total project costs incurred stands at $1.83bn, with an expectation to open the property stated for mid-2019.