Wynn Resorts has reported a series of financial decreases across its Wynn Palace, Macau and Las Vegas operations, as the firm prepares to unveil its new meeting and convention expansion in the latter.
Operating revenues during the fourth quarter of the year amounted to $1.65bn, a two per cent drop from $1.69bn, with decreases of $150.6m, $28m and $24.9m across the trio partially offset by operating revenues from Encore Boston Harbor of $169.3m.
On a full year basis a 1.6 per cent decline was felt as operating revenues finished at $6.61bn from $6.72bn. Wynn Palace, Macau and Las Vegas operations dropped $213.9m, $224.5m and $32.1m, offset by $363.9m at Encore.
Fourth quarter adjusted property EBITDA was $443.1m, a decrease of 11.3 per cent from $499.4m, with its full year figure finishing at $229m, dropping 11.2 per cent from $2.04bn to £1.82bn.
The firm is also slated to debut a meeting and convention expansion at Wynn Las Vegas this month, with the total project budget, including the redesigned golf course that reopened in October 2019, to be approximately $425m.
Matt Maddox, CEO of Wynn Resorts, explained: “We delivered solid financial results in the fourth quarter of 2019, growing Adjusted Property EBITDA nearly 12 per cent sequentially compared to the third quarter.
“In Macau, the investments we have made position us well to compete in any market environment, supported by another quarter of record mass table win. Our strategy at Wynn Las Vegas is producing results, driving year-over-year volume growth in our domestic gaming business, along with 3 per cent growth in RevPAR.
“Encore Boston Harbor continues to ramp nearly doubling its adjusted property EBITDA sequentially and we remain excited by the opportunity to drive growth at the property over the next several years.
“It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In November, we launched key portions of the new Lakeside Casino at Wynn Macau, further solidifying the property as the peninsula’s marquee integrated resort. In Las Vegas, construction on our 430,000 square foot meeting and convention expansion is complete and we are gearing up to welcome our first groups to the new space.
“We are excited about the outlook for the company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders.”
