The continued ramp-up of Wynn Palace in Cotai has led Wynn Resorts to a 20.5% increase in operating revenues to US$1.72 billion for 1Q18, up from US$1.42 billion 12 months earlier.
Wynn Resorts booked year-on-year increases of US$213.5 million from Wynn Palace, US$65.5 million from Wynn Macau and US$12.8 million from its Las Vegas operations, providing some much needed positive news following a tough few months for the embattled casino giant.
Adjusted Property EBITDA was US$564.3 million for the three months to 31 March 2018, an increase of 32.0% over the same period in 2017.
Wynn Palace, which launched in September 2016, saw operating revenues grow 47.2% year-on-year to US$665.8 million including a 50.7% increase in casino revenues. Table games turnover in VIP operations was US$15.39 billion, up 39.3% from US$11.04 billion in 1Q17.
Mass market table drop increased 58.1% to US$1.22 billion with mass win of $310.2 million, an 85.0% increase from a US$167.6 million win for the first quarter of 2017. Slot machine handle was US$1.06 billion, up 60.9%.
On the peninsula, Wynn Macau saw its operating revenues increase 11.9% to US$618.2 million, with Adjusted Property EBITDA up 15.9% to US$209.8 million. Casino revenues grew 10.5% to US$539.0 million on the back of a 28.6% increase in VIP rolling chip turnover to US$17.09 billion.
Table drop in mass market operations was US$1.32 billion, a 16.4% increase, while slot machine handle grew 17.0% to US $1 billion. Hotel occupancy for the period reached 99.0%, up from 95.7% in 1Q17.
Operating revenues in Las Vegas were US$431.5 million including an 8.0% increase in casino revenues to US$134.6 million.
The 1Q18 results are the first since former Chairman and CEO Steve Wynn was forced to step down amidst serious sexual misconduct allegations that continue to plague Wynn Resorts. Steve Wynn’s ex-wife Elaine, now the company’s largest shareholder, has called for the current board to be refreshed and earlier this week launched a “Withhold-the-vote” campaign against director John J Hagenbuch, who is set to put himself up for re-election at next month’s annual general meeting.
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