Wynn Resorts Ltd. grew second quarter profits and revenue, but attributed much of the results to the company’s two Strip resorts, not its lucrative Macau holdings.
The company, which operates Wynn Las Vegas and Encore, said Tuesday its net income for the quarter that ended June 30 was $203.9 million, or $2 per share. A year ago the company’s net income was $129.8 million, or $1.28 per share.
Wynn Resorts said net revenue grew 6 percent to $1.4 billion.
The company’s revenue from its two Las Vegas casinos was roughly 32 percent of the total figure, but grew 12.5 percent to $451.4 million. Revenue from the company’s two Macau casinos was $960.7 million, but just a 3.2 percent increase over the same quarter of 2013.
The entire Macau casino market experienced its first monthly revenue decline in more than four years during June, which reflected in Wynn’s second quarter results from the region.
Credit Suisse gaming analyst Joel Simkins told investors “the headline figures in Macau are disappointing,” but added the Las Vegas numbers “are congruent with our checks that the Vegas recovery continues.”
In Las Vegas, Wynn Resorts said casino revenue from the two resorts increased 28 percent to $182.5 million while revenue from hotel rooms grew 7.3 percent to $107.9 million.
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Posted by: Dr Crapology on July 30, 2014, 11:01 am
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Doc