Wynn Palace Cotai opening boosts Wynn Macau Limited financials


In Macau, the firm behind the giant Wynn Palace Cotai and Wynn Macau casino resorts, Wynn Macau Limited, has released its second-quarter unaudited financial results showing that operating revenues had increased by over 71% year-on-year to reach in excess of $1.09 billion.

The Hong Kong-listed operator revealed that the improvement was largely down to the performance of the gaming operations inside its two Macau properties as casino revenues swelled by 68% year-on-year to $1.02 billion while takings from its retail leases almost doubled to $42.8 million.

Wynn Macau Limited reported that room revenues reached $14.1 million for the three months to June 30, which was a boost of some 378% year-on-year, while food and beverage takings improved by nearly 142% to $15.5 million.

However, Wynn Macau Limited also detailed an over 70% rise year-on-year in terms of second-quarter operating costs and expenses at $942.8 million with gaming taxes and premiums going up by almost 73% to $511 million.

All of this left the casino operator with a profit before tax for the second quarter of $102.9 million, which represented an advance of 56.9% year-on-year, while its net profit improved by 57.4% to $102.5 million.

Regarding individual properties, Wynn Macau Limited stated that its Wynn Macau venue saw second-quarter net revenues rise by 6.8% year-on-year to $682.7 million while its adjusted property earnings before interest, tax, depreciation and amortization improved by 10.5% to $210.4 million. The 1,000-room development experienced an average advanced daily occupancy rate for the three-month period of 97.5%. Moreover, saw a 7.4% boost in casino revenues to $654.7 million due to a 35.3% swell in VIP table games turnover to just over $16 billion and despite a 9% fall in mass-market drop to nearly $1.1 billion.

For the Wynn Palace Cotai, which only opened in August of last year, the operator declared that net revenues for the second quarter came in at $414.7 million while adjusted property earnings before interest, tax, depreciation and amortization hit $87.4 million. The 1,700-room property experienced an average advanced daily occupancy rate of 96.2% while its casino saw three-month revenues of $372.2 million with VIP table games turnover reaching $11.6 billion alongside mass-market drop of $729 million.

“Our cash and cash equivalents, restricted cashand investment securities at June 30, 2017, were $2.8 billion,” read a statement from Wynn Macau Limited. “Total debt outstanding at the end of the quarter was $9.8 billion including $3.8 billion of Macau-related debt, $3.16 billion of Wynn [Resorts Limited] Las Vegas debt and $2.83 billion at the parent company and other.”

Wynn Macau Limited is majority owned by Las Vegas-based Wynn Resorts Limited and the parent declared that its second-quarter net revenues had improved by 44.5% year-on-year to $1.53 billion while net income rose by 6.4% to $74.9 million. It detailed company-wide adjusted property earnings before interest, tax, depreciation and amortization of $430 million, which represented a boost of 37.5%, with $87.4 million of this coming from the Wynn Palace Cotai alongside increases of $20 million and $9.9 million from the Wynn Macau and its Las Vegas operations respectively.


Wynn Palace Cotai opening boosts Wynn Macau Limited financials was last modified: July 26th, 2017 by Adam Morgan