Wynn Resorts reported its 2018 financial results yesterday, showing that Wynn Palace continues to outperform its older sister resort on the peninsula. The company announced that a cash dividend of USD0.75 per share has been approved, payable on February 26 to stockholders.
Wynn Resorts’ operating revenue increased 10.7 percent to reach $6.72 billion (MOP54 billion) in 2018, with operating revenues at Wynn Palace increasing by $727.3 million, and revenue at Wynn Macau and Las Vegas falling $42.4 million and $37.4 million respectively.
At the same time, the generally accepted accounting principles (GAAP) net income attributable to Wynn Resorts amounted to $584.2 million (MOP4.7 billion) or $5.46 per diluted share in 2018, compared to $747.2 million or $7.28 per diluted share in the previous year. According to Wynn’s financial report, the decrease was primarily driven by a litigation settlement expense of $463.6 million recorded in the first quarter of 2018.
Adjusted net income attributable to Wynn Resorts amounted to $699.5 million (MOP5.62 billion) or $6.54 per diluted share in 2018, compared to $560.5 million or $5.46 per diluted share in the year ending Dec. 31, 2017.
Meanwhile, full year adjusted property earnings before interest, taxes, depreciation and amortization (EBITDA) increased 12.9 percent, or $233.7 million, to $2.04 billion (MOP16.4 billion), compared to $1.81 billion in 2017. Adjusted property EBITDA increased $316.3 million at Wynn Palace, partially offset by decreases of $27.5 million and $55.1 million, from Wynn Macau and Las Vegas Operations, respectively.
Wynn Palace was the big winner in the results for the fourth quarter of 2018, which were also published yesterday. Operating revenues amounted to $740.6 million, according to the gaming operator, a 12.8 percent increase from the $656.5 million in the same period of 2017. Casino revenues increased 12.3 percent to $636.9 million in the final quarter of 2018.
Meanwhile, operating revenues at Wynn Macau fell 5.2 percent in the fourth quarter to $553.4 million, with casino revenues declining 5.9 percent to $479 million.
In terms of Las Vegas operations, operating revenue increased 3.1 percent year-on- year to reach $393.6 million, while casino revenues grew 3.5 percent to $104.8 million.
During the fourth quarter of 2018, Wynn Resorts repurchased more than 1.47 million shares of its common stock for approximately $156.7 million.
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