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\tCasino operator Wynn Resorts saw profit rise nearly 12% in Q1 on the strength of its two Macau casino properties. Revenue was up 13% to $1.5b while earnings rose 9.7% to $494.6m and profits hit $226.9m. In keeping with tradition, Wynn\u2019s Asian operations were the stars of the show. Revenue from Macau was up 14.2% to $1.1b, while revenue at Wynn\u2019s properties in Las Vegas fell 1.5% to $381m.<\/p>\n
\tWynn\u2019s Macau gains were all the more impressive considering its VIP gambling win rate fell to 2.79%, within the accepted range but well off the 3.14% recorded in the same period last year. Thankfully, VIP table game turnover rose 26.7% to $36b and mass table win rose 23.7% to $300.7m. Slots handle rose 25.3% to $1.4b and win rose 13.1%. Non-gaming revenue rose 7.3% to $113m as occupancy rate rose 4.3 points to 98.1%.<\/p>\n
\tStateside, gaming revenue at Wynn\u2019s Las Vegas properties fell 11.9% to $155.3m. Table games were double-whammied as amounts wagered fell 3.2% while win rate hit 20.7%, below the accepted range of 21% to 24%. Thankfully, slot handle was up 6.8% and win rose 7.6%. Room revenue rose 12.6% to $103.1m, food & beverage revenue was flat at $115m while retail and entertainment revenue rose 9.4% to $54.1m.<\/p>\n
\tThe day was marred by news that Steve Wynn\u2019s nemesis, Universal Entertainment boss Kazuo Okada, had filed a fresh defamation suit against both Steve and his company in a Japanese court. Okada, formerly Wynn Resorts\u2019 number one shareholder, had a nasty falling out with Steve in February 2012, spawning countless lawsuits between the two former BFFs. Steve issued a statement deriding Okada\u2019s latest suit as a bid to \u201ccreate a distraction from the investigations pending against him.\u201d<\/p>\n
\tOn the post-earnings call with analysts, Steve noted that results at the Vegas properties would have been up had it not been for the estimated $10m impact of the abnormally low table games hold. Steve said he\u2019d been \u201ca little reticent\u201d to join his fellow operators in celebrating Vegas officially rebounding from its 2008 nadir, but \u201cour profitability on the Strip was the highest it has been for quite some time.\u201d<\/p>\n
\tAs for Macau, Wynn has been shifting mass tables from poor performing areas to premium mass, helping to push April\u2019s mass gaming up 55% year-on-year. Asked about the possibility of construction at Wynn\u2019s casino on the Macau peninsula interfering with mass gaming numbers, Wynn Macau president Ian Coughlan said there \u201cseems to be a myth out there that we\u2019ve lost a lot of mass tables in the casino,\u201d insisting that the loss was in the \u201cthe single digits.\u201d Steve explained the casino had \u201chijacked the poker tables\u201d to cover the difference.<\/p>\n
\tSteve indirectly addressed both Macau\u2019s increased emphasis on mass as well as recent junket operator concerns by noting that because of Macau\u2019s new smoking laws, all of the VIP gaming rooms at the under construction Wynn Palace on Cotai have terraces facing the lake. So \u201cany one of these big, so-called junket rooms can become premium mass instantaneously \u2026 Flexibility is a very big thing in a market as dynamic as Macau.\u201d<\/p>\n
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Casino operator Wynn Resorts saw profit rise nearly 12% in Q1 on the strength of its two Macau casino properties. Revenue was up 13% to $1.5b while earnings rose 9.7% to $494.6m and profits hit $226.9m. In keeping with tradition,…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7356","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7356"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7356\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}