Wynn Resorts Limited has reported a third quarter revenue increase of 97% to US$702.1. According to the company the increase was driven by the opening of Wynn Macau on 6 September 2006 and strong Wynn Las Vegas results. Net income fell for the third quarter compared to 2006, which was positively influenced by the completion of the sale of a sub-concession in Macau. For the quarter ended September 30, 2007, Wynn Las Vegas generated adjusted property EBITDA of $93.2 million, a 20.6% increase from the third quarter of 2006, with a 30.5% EBITDA margin on net revenue. In the third quarter of 2007, Wynn Macau generated net revenues (after discounts and commissions) of US$347.7 million and adjusted property EBITDA of US$92.8 million. Prior period comparisons are not meaningful as Wynn Macau results were for only part of the third quarter in 2006.

In September this year Wynn opened another 20,000 sq ft of gaming space and an additional restaurant at its Macau property. Further expansion is due for completion in around 100 days. Construction has commenced on Wynn Diamond Suites at Wynn Macau and the company has submitted an application to the Macau government for a concession of land in Cotai for future development.

Table games win at both Wynn Las Vegas and the mass market tables at Wynn Macau was above the expected range. Table games win at the VIP segment of the Macau operation was at the top end of the expected range. Slot machine win per unit per day in Macau was US$457 and US$234 in Las Vegas, lower than the same period of 2006. There was an increase in non-gaming revenue at Wynn Las Vegas. (E-10.31.07)

© Copyright 2007 CasinoCompendium



>>> return to archives
>>> return to frontpage