Wynn Palace Cotai opening boosts Wynn Macau Limited financials

26 Views

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


Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Latest Posts

IGT Powerbucks Crown of Egypt provides record-setting jackpots in July
Latest Casino News
109 views
Latest Casino News
109 views

IGT Powerbucks Crown of Egypt provides record-setting jackpots in July

adminuser - September 20, 2017

In Canada, July has seen two record-setting payouts totaling more than CA$2.2m courtesy of multinational gaming company, International Game Technology’s (IGT) (NYSE:IGT), Powerbucks, omni-channel, interprovincial jackpot link.…

Upcoming Slot Releases from Saucify
Latest Casino News
127 views
Latest Casino News
127 views

Upcoming Slot Releases from Saucify

adminuser - September 20, 2017

Formerly known as BetOnSoft, Saucify was launched in July 2014 and continues to be a top provider of gaming content for online casinos such as Planet Casino…

Betway offering odds on Mayweather v McGregor rematch, more
Latest Casino News
50 views
Latest Casino News
50 views

Betway offering odds on Mayweather v McGregor rematch, more

adminuser - September 20, 2017

The Mayweather v McGregor fight Saturday night in Las Vegas was one of the busiest and most profitable events ever handled by Betway Sportsbook in over 10…

Mongoose Casino now live; new payment methods and software coming soon
Latest Casino News
58 views
Latest Casino News
58 views

Mongoose Casino now live; new payment methods and software coming soon

adminuser - September 20, 2017

EmuCasino is a top online casino offering players a wealth of popular games to enjoy, including more than 660 slot titles. EmuCasino recently announced their sister brand Mongoose…

Pragmatic Play Limited launches Pixie Wings
Latest Casino News
46 views
Latest Casino News
46 views

Pragmatic Play Limited launches Pixie Wings

adminuser - September 20, 2017

Two weeks after being certified by officials in Denmark, online casino games developer Pragmatic Play Limited has launched its latest title in the five-reel and 50-payline Pixie…

iSoftBet to provide content to William Hill Interactive Online
Online Gambling
70 views
Online Gambling
70 views

iSoftBet to provide content to William Hill Interactive Online

adminuser - September 20, 2017

Premium online casino software developer, iSoftBet, has agreed a deal to provide its full range of content to the Interactive arm of UK bookmaker William Hill. An…

Absolute Poker players to finally get their money back
Poker
46 views
Poker
46 views

Absolute Poker players to finally get their money back

adminuser - September 20, 2017

Last week, Joon H. Kim, the Acting United States Attorney for the Southern District of New York announced that eligible players who have been out of pocket…

Habanero releases new slot game Scruffy Scallywags
Latest Casino News
46 views
Latest Casino News
46 views

Habanero releases new slot game Scruffy Scallywags

adminuser - September 20, 2017

Slot gamers prepare to hit the high seas with a new slot release by Habanero. Scruffy Scallywags is the latest slot game created by Habanero, a premium…

Wild Crypto to offer $5 million in new blockchain coin
Latest Casino News
47 views
Latest Casino News
47 views

Wild Crypto to offer $5 million in new blockchain coin

adminuser - September 20, 2017

Wild Crypto (SYMBOL: WILD) have developed a lottery and eGaming platform on the Ethereum blockchain and have announced a new coin, much like Bitcoin, they intend to…

Macau casino revival continues in June despite Xi Jinping visit
Economy
48 views
Economy
48 views

Macau casino revival continues in June despite Xi Jinping visit

adminuser - September 20, 2017

In Macau, June reportedly saw aggregated gross gaming revenues rise for an eleventh consecutive month as the over 30 casinos in the city posted a 25.9% combined…