Publishing its results for the three months to March 31, 2019, Wynn Resorts reported a year-on-year revenue drop of 3.7 per cent, to $1.65bn.
The fall was attributed to a combination of litigation costs of $463.6m and a fall in revenues from high rollers, with casino revenues down to $1.185bn, from $1.242bn a year prior. The losses were partially offset by an income tax benefit of $111m.
Operating revenues increased $60.8m at Wynn Palace and dropped $94.4m and $30.5m at Wynn Macau and the company’s Las Vegas operations, respectively.
During the three-month period, VIP turnover at Wynn Palace was $12.627bn, down 21.8 per cent on the same period in 2018. Mass market numbers held up in comparison, posting a table drop of $1.304bn, up 7.1 per cent from $1.217bn a year prior.
A Wynn Macau, the drop was even more stark with VIP turnover down 67.6 per cent year on year to $10.194bn (from $17.087bn). Mass market table drop at the property was more or less flat year on year, up a little over two per cent to $1.351bn.
Wynn’s Las Vegas operations, which do not report high-roller numbers, saw mass market table drop fall markedly in the quarter, down more than 32 per cent to $404m.
Wynn Resorts CEO Matt Maddox told a conference call that the company expected VIP incomes to bounce back.
With regard to ongoing projects, Wynn Resorts said that, as of March 31, 2019, it had to date spent $2.26bn on its Encore Boston Harbor development, which is expected to open on June 23 – although rumours abound that it will be delayed by some weeks.