Wynn Resorts Ltd saw its year-on-year net revenues soar by 47.9% to US$1.48 billion in the first three months of 2017 thanks to its Wynn Palace property, which opened its doors last August.
Wynn Palace brought in US$475.8 million in 1Q17 with US$23.4 million from the company’s Las Vegas operations offset slightly by a decrease of US$21.2 million from Wynn Macau.
Net revenues and Adjusted Property EBITDA from Wynn Palace, which enjoyed only its second full quarter of operations, were US$475.8 million and US$111.9 million respectively.
Casino revenues from Wynn Palace were US$430.0 million for the first quarter of 2017. Table games turnover in VIP operations was US$11.04 billion and table games win as a percentage of turnover (calculated before commissions) was 3.03% – slightly outside the expected range of 2.7% to 3.0%.
Table drop in mass market operations was US$770.0 million and table games win in mass market operations was US$167.6 million. and table games win percentage was 21.8%. Slot machine handle was US$657.6 million with slot machine win at US$33.9 million.
Net revenues from Wynn Macau were US$587mil lion for the quarter of, a 3.5% decrease from US$608.2 million for the same period of 2016. Adjusted Property EBITDA from Wynn Macau was US$181.1 million, a 5.3% decrease.
Casino revenues from Wynn Macau were US$554.9 million for the first quarter of 2017, a 2.9% decrease from US$571.8 million for the same period of 2016. Table games turnover in VIP operations was $13.28 billion, a 1.4% decrease, while VIP table games win as a percentage of turnover (calculated before commissions) was 3.30%.
Table drop in mass market operations was US$1.14 billion, a 6.0% decrease from US$1.21 billion for the first quarter of 2016. Table games win in mass market operations was US$212.9 million, a 14.0% decrease from $247.5 million for the first quarter of 2016.
Wells Fargo analysts Cameron McKnight and Robert Shore said that both Wynn’s Macau and Las Vegas operations had exceeded expectations with th company picking up considerable market share in Macau since the launch of Wynn Palace.
“Wynn’s 1Q exceeded high expectations with both Macau and Las Vegas roughly 15% ahead of consensus expectations,” they said.
“We estimate Wynn’s Macau mass market share was up 200bps quarter to quarter to 15.5%. We estimate VIP share was roughly 19.5%, which was 250bps quarter to quarter. We will get more color on market share as more Macau operators report 1Q.”
