{"id":7766,"date":"2014-08-01T17:31:07","date_gmt":"2014-08-01T17:31:07","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2014\/08\/01\/mohegan-sun-wynn-resorts-release-two-drastically-different-quarterly-earnings-reports\/"},"modified":"2014-08-01T17:31:07","modified_gmt":"2014-08-01T17:31:07","slug":"mohegan-sun-wynn-resorts-release-two-drastically-different-quarterly-earnings-reports","status":"publish","type":"post","link":"https:\/\/forumarchives.tmsites.net\/index.php\/2014\/08\/01\/mohegan-sun-wynn-resorts-release-two-drastically-different-quarterly-earnings-reports\/","title":{"rendered":"Mohegan Sun, Wynn Resorts release two drastically different quarterly earnings reports"},"content":{"rendered":"


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\n\tThis composite shows artist renderings of the proposed Mohegan Sun casino at Suffolk Downs in Revere, Mass., top, and the proposed Wynn Resorts casino in Everett. Only one company will win the Eastern Massachusetts casino license to open one of the state’s three resort casinos.<\/span><\/p>\n

\tBOSTON \u2014 The two casino companies vying for the lone eastern Massachusetts resort casino license released earnings reports this week showing gains for one and losses for the other.<\/p>\n

\tWynn Resorts posted net revenue gains of 12.5 percent this quarter. The company reported an additional 3.2 percent increase in net revenue at their Macau properties. A 38 percent jump in gaming revenue carried those increases as non-gaming revenue increased just 3.8 percent. Wynn’s company-wide net income increased 34.1 percent.<\/p>\n

\tWynn CEO Steve Wynn attributed the gains to the company’s long-term focus on attracting high-end customers and delivering a high-level product. During the call Wynn referenced a children’s story when describing the company’s success.<\/p>\n

\t"Everything about our company is rooted in the principal of a story very old that is still relevant, the Three Little Pigs. We build houses of brick and our houses of brick take a little longer to erect than some of the others, but they\u2019re built for the long term, and we\u2019re seeing that now," said Wynn.<\/p>\n

\tWynn is actively seeking a license to build and operate a resort style casino in Everett. The company currently operates four casinos, two in Macau and two in Las Vegas. Wynn is building a third casino in Macau called Wynn Palace that is due to open in 2016.<\/p>\n

\tWynn brushed off concerns about possible "cannibalization" of the casino industry in Macau as new projects take root in the former Portuguese colony.<\/p>\n

\t"We thrive on the intensity of the competition," Wynn said.<\/p>\n

\tMohegan Sun reported a decline in net-revenue of 5.2 percent last quarter at their Connecticut and Pennsylvania facilities. Mohegan Sun’s 2.9 percent increase in non-gaming revenue was wiped out by a 6.5 percent decline in gaming revenue last quarter. Mohegan Sun’s company-wide net income declined 37.7 percent. <\/p>\n

\tMohegan Sun CEO Mitchell Etess credited the company’s decline in revenue to economic factors plaguing the entire gaming industry. The company’s statement did note "corporate expenses resulting from our pursuit of a Massachusetts casino
\n\tlicense" contributed to their disappointing quarter. Etess called the quarter "mixed."<\/p>\n

\t"We\u2019re experiencing the same challenges many of our peers are in the industry in terms of gaming revenues, clearly we\u2019re being impacted by the lackluster economy and its affect on discretionary spending,\u201d said Etess.<\/p>\n

\tDuring the conference call Etess said that they remain optimistic about their chances to win the eastern Massachusetts license. Mohegan Sun is actively seeking a license to build and operate a casino at Suffolk Downs in Revere.<\/p>\n

\tEtess downplayed concerns about a statewide ballot question that would repeal the state’s casino gaming law.<\/p>\n

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