Wynn Resorts Macau based operations have endured a differing second quarter of 2018, as the developer and operator of hotels and casinos publishes its latest financial statement.
Overall operating revenues for the period saw an $132.5m (£101.2m) boost, or nine per cent, coming in at $1.61bn (£1.23bn) from $1.47bn (£1.12bn) in Q2 2017, with adjusted EBITDA increasing almost 11 per cent, up from 2017’s $430m (£328.7m) to $476.4m (£364m).
Breaking down the figures further sees the firm’s flagship Wynn Macau property report an operating revenue decrease of 14.9 per cent, partially due to a declining volume of VIP and high-roller bettors.
The $543.3m (£415.3m) figure significantly dropping from the previous years $638.5m (£488m), with casino revenues decreasing 18.1 per cent for the period to $473.3m (£361.8m).
Adjusted Property EBITDA from Wynn Macau was $172.9m (£132m), for the second quarter of 2018, a 17.8 per cent decline from $210.4m (£160.8m) for the same period of 2017.
It’s newer property of Wynn Palace, opened almost two years ago, situated on the Cotai strip, has taken the lion’s share, enjoying a hugely successful Q2 with a 56.6 per cent revenue increase.
Its operating revenue of $620.6m (£474.4m), up from $396.4m (£303m), significantly aided by a 62.4 per cent uplift in casino revenue to $525m (£401.3m).
Adjusted Property EBITDA from Wynn Palace was $179.3m (£137m) for the second quarter of 2018, a 105.1 per cent increase from $87.4m (£66.8m) for the same period of 2017.
Switching focus to US based operations, and Wynn’s Las Vegas presence saw operating revenue increase a fraction under one per cent to $441.6m (£337.5m) with adjusted EBITDA seeing a 6.1 per cent decrease to $124.2m (£95m).
Wynn resorts also included an update to its ongoing Encore Boston Harbor project in Massachusetts, stating: “The Company is currently constructing Encore Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River.
“The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets.
“The total project budget, including gaming license fees, construction costs, capitalised interest, pre-opening expenses and land costs, is estimated to be approximately $2.5 billion.
“As of June 30, 2018, we have incurred $1.64 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019.”
