\nWynn Resorts Ltd. said Tuesday the company had a 1.4 percent dip in revenue in the third quarter, but results from the casino operator\u2019s Strip properties boosted profits.<\/p>\n
\tWynn said its net income for the quarter that ended Sept. 30 was $191.4 million, or $1.88 per share. A year ago, the company reported net income of $182 million, or $1.79 per share.<\/p>\n
\tAnalysts polled by FactSet research expected the company to earn $1.83 per share in the third quarter.<\/p>\n
\tTotal revenue for Wynn Resorts in the quarter was $1.37 billion, compared with $1.39 billion in the same quarter a year ago. The company said net revenue from its two Macau casinos fell 5.6 percent while revenue from Wynn Las Vegas and Encore at Wynn Las Vegas increased 9 percent.<\/p>\n
\t\u201cGenerally speaking, we were happy with the third quarter,\u201d Wynn Resorts Chairman Steve Wynn said on a conference call with analysts.<\/p>\n
\tIn Macau, the company\u2019s two casinos had revenue of $942.3 million as the market faced many issues, including a crack down by the Mainland Chinese government on corruption, an unsettled economy, and political unrest in Hong Kong.<\/p>\n
\tStill, Wynn told analysts the company remained \u201cbullish\u201d on Macau.<\/p>\n
\tHe said the company continues to make progress on the $4.1 billion Wynn Palace on the Cotai Strip region. Wynn said the 1,700-room hotel-casino project is expected to open in the first half of 2016.<\/p>\n
\tWynn said the outset of the conference call that he was unsure when business prospects might return in Macau, which has experienced four straight months of gaming revenue declines.<\/p>\n
\t\u201cI don\u2019t know if it\u2019s a squall or if we\u2019re in the rainy season,\u201d Wynn said. \u201cThings happen in China on their own pace and on its own time. It\u2019s interesting to see how the business community responds to the central government. They are very responsive to the mood of the central government.\u201d<\/p>\n
\tWynn Macau President Ian Caughlan told analysts the smoking ban than took affect on Macau casino floors this month \u201cwas the least of the concerns in the market.\u201d<\/p>\n
\tWynn said he was happy with the company\u2019s performance in Las Vegas during the three months, which included a 10.5 percent increase in gaming revenue and a 7.2 percent increase in hotel room revenue. The company\u2019s revenue per available room at the Las Vegas properties increased 8.2 percent during the quarter.<\/p>\n
\tDuring the conference call, Wynn updated investors on the company\u2019s progress in Massachusetts. In September, Wynn Resorts was awarded the gaming license for the Boston area and plans to build a $1.6 billion hotel-casino complex in the town of Everett.<\/p>\n
\tState gaming regulators requested that the company redesign the hotel-casino for the 30-acre former Monsanto Chemical Co. site along the Mystic River across from Boston.<\/p>\n
\tWynn told investors the designs for the casino were \u201cdifferent from any casino presentation\u201d offered by the company.<\/p>\n
\t\u201cI\u2019ve never been as excited about a project as we are about Boston in my 40 years in gaming,\u201d Wynn said.<\/p>\n
\tThe company has donated $1 million to the coalition leading the effort to defeat a Massachusetts ballot question that would repeal the state\u2019s 2011 casino law.<\/p>\n
\tWynn said he \u201chad a nice conversation\u201d with former Democratic Rep. Barney Frank, who wrote an op-ed piece in the Boston Globe that sided with the casino industry and rejected calls to repeal the casino law.<\/p>\n
\tShares of Wynn Resorts, traded on Nasdaq, Tuesday closed up $1.58, or 0.86 percent, at $185.25.<\/p>\n
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