Wynn Macau reported net revenue in the second quarter to US$930.9 million, a 2.6% increase over the same period last year as renovation work on several hundred hotel rooms reduced available room nights by about 5% compared with Q2 2012.
VIP win percentage was a healthy 2.94% in the 12 weeks ended 30th June, but volume dipped slightly (1.6%) to $29.9 billion. Adjusted property EBITDA ended the quarter down 4% to $290.1 million.
Mass table revenue was up 8.5% to $217 million, overcoming a 6.7% decrease in drop versus Q2 2012 thanks in part to a higher win percentage of 34.6% versus 29.8% last year.
Slot machine handle of $1.2 billion was roughly flat compared with the second quarter of 2012 on 57 fewer machines. Win was down 8.9%.
Average daily room rate for the period ($314) was down slightly from last year (-1%), but occupancy improved from 90% to 95.5%, driving a 5% increase in RevPAR to $300.
Non-casino revenue increased 3.3% to $99.9 million.
Corporate-wide net revenue for Wynn Resorts (Nasdaq: WYNN) was up 6% to $1.33 billion, boosted by 16.2% higher revenues in Las Vegas. Adjusted corporate EBITDA was up 10.8% to $425.7 million. Net income on a US GAAP basis was $129.8 million, or $1.28 per diluted share, compared with $138.1 million ($1.37 per share) in Q2 2012.
The company said it has approved a cash dividend for the quarter of $1 per share.
