Wynn Resorts Ltd has seen its revenues soar by 45.3% year-on-year to US$1.61 billion in the third quarter on the back of strong Macau results and full quarter operations at Wynn Palace in Cotai.
The company saw an increase of US$390.7 million from Wynn Palace, which opened in the third quarter of 2016, and increases of US$79.3 million and US$32.5 million from Wynn Macau and its Las Vegas operations respectively.
Net revenues from Wynn Palace were US$555.3 million in 3Q17, up from US$164.6 million for the same period of 2016 which included just 40 days of operations after opening on 22 August. Adjusted Property EBITDA was US$138.2 million, an increase from US$25.2 million last year.
Casino revenues accounted for the vast majority of revenue, US$$514.5 million, with VIP table games turnover increasing from US$4.15 billion in 3Q16 to US$13.69 billion.
Table drop in mass market operations was US$866.6 million, compared to US$275.9 million for the third quarter of 2016, with table games win of US$194.3 million. Slot machine handle grew to US$817.5 million from US$204.5 million 12 months ago.
On the Macau Peninsula, Wynn Macau reported net revenues of US$597.4 million for 3Q17, a 15.3% increase from US$518.1 million in the same period in 2016, while Adjusted Property EBITDA grew 21.3% to US$183.2.
VIP table games turnover was US$13.37 billion, up 22.2% from US$10.94 billion last year, with win percentage of 3.37% coming in above expected range.
Table drop in mass market operations was US$1.07 billion, down 3.2% from US$1.11 billion, although table games win grew 5.5% to US$216.4 million.
Slot machine handle was US$864.6 million, a 26.9% increase from US$681.6 million for the third quarter of 2016.
Wynn Resorts said that property costs during 3Q17 had come in at US$19.1 million “primarily related to property damage caused by [Typhoon Hato] that impacted Macau during the quarter.”
Net revenues from Wynn’s Las Vegas operations grew 7.6% to US$459.6 million in 3Q17, with Adjusted Property EBITDA up 17.6% to US$151.5 million from US $128.9 million in 2016.
