Wynn Resorts almost doubles profits due to casinos in Macau
Wynn Resorts today posted profits of $ 156.1 million and nearly doubled its results in the comparable period of 2017, with casinos in Macao being decisive in the outcome.
Between July and September, the US group recorded operating revenues of $ 1.7 billion, an increase of 10.2% over the same months of the previous year.
Adjusted EBITDA (earnings before taxes, interest, depreciation and amortization) was $ 504.4 million, up 6.6% compared to the same period last year, the statement said.
The two ‘integrated resorts’ that the group has in Macau, the world’s gaming capital and the only place in China where casino gaming is legal, have amassed revenues of $ 1.3 billion. Meanwhile, Wynn’s revenue in Las Vegas was much lower ($ 398.9 million) in the third quarter of 2018.
The casino game represents the largest share of the operating revenue of the group founded by tycoon Steve Wynn: $ 1.2 billion, or 70.6 per cent of the group’s total operating revenue in the third quarter of this year.
In Macau alone, the group recorded revenues of $ 1.1 billion from the game in the third quarter, much higher than the Las Vegas game (€ 92.9 million).
The group’s highest-earning resort was Wynn Palace, located in the Taipa and Coloane islands, with revenues of 730.6 million euros, an increase of 39.1% compared to the previous year. same period last year. Casino revenue accounted for 85.6% of the group’s total winnings at Wynn Palace.
Wynn Macau reported revenues of $ 579.6 million, up 3.1% from July and September 2017.
Operations in Las Vegas fell by 14.1%, to 398.9 million euros.
Contrary to what is recorded in Macau, most of the group’s revenue in Las Vegas does not relate to gambling, but in areas ranging from catering, hospitality and hospitality, amounting to $ 306 million (76, 7% of total revenues).
In Macao, non-gambling revenues represent the US $ 181.1 million, or 13.9% of the total revenues of Macao’s two integrated resorts.