Wynn Macau Limited booked a 12.5% increase in revenue in the three months to 30 June 2018 despite mixed results at its two Macau integrated resorts.
Wynn Palace enjoyed a 56.6% year-on-year increase in revenue to US$620.6 million – the second consecutive quarter in which it has outperformed its Peninsula peer. But the news wasn’t so good at Wynn Macau where revenue fell 14.9% to US$543.3 million on the back of lower VIP turnover and reduced luck.
Casino revenue at Wynn Macau fell 18.1% in 2Q18, with VIP turnover down 13.1% to US$13.93 billion. VIP win fell from 3.53% in the same period last year to 2.56%. Mass market table drop at Wynn Macau increased by 21.1% to US$1.29 billion with mass table win up 13.8% to US$252 million. Slot machine handle grew 11.0% to US$963.6 million.
Wynn Macau’s Adjusted Property EBITDA declined 17.8% to US$172.9 million for the second quarter.
The trend of Macau’s gaming traffic migrating to Cotai continued for Wynn with Wynn Palace seeing its casino revenues jump 62.4% to US$323.3 million. VIP turnover rose 20.9% to US$14.03 billion with win percentage also climbing significantly to 3.0%.
Mass also performed well at Wynn Palace, with table drop up 67.2% to US$1.22 billion and win up 66.3% to US$280.6 million. Slot machine handle climbed 26.9% to US$44.2 million as improvement across all segments saw Adjusted Property EBITDA more than double from US$87.4 million in 2Q17 to US$179.3 million this time around.
Macau operations again proved to be the primary earner for parent company Wynn Resorts, which revealed group-wide revenue of US$1.61 billion for the quarter, up 9.0% year-on-year. Macau comprised US$1.16 billion of that total.
Revenue from the company’s Las Vegas operations increased by 0.8% to US$441.6 million with Adjusted Property EBITDA down 6.1% to US$124.2 million.
