Gaming | Wynn Resorts Q3 revenue up 45 percent

Wynn Resorts reported on Friday net revenue of USD1.61 billion (about MOP13 billion) for the quarter ending September 30, 2017, a 45.3 percent increase from $503.5 million for the same period last year.

In its financial report, the company attributed the increase to better performance from Wynn Palace (+$390.7 million) – which opened in the third quarter of last year – Wynn Macau (+$79.3 million) and total Las Vegas operations (+$32.5 million).

Casino revenue for the company’s two Macau properties was about $1.08 billion. Revenue contributions from Wynn Macau and Wynn Palace accounted for $567.7 million and $514.5 million, respectively, representing increases of 16.2 percent and about 350 percent year-on-year.

Net income attributable to Wynn Resorts was $79.8 million for the quarter under review, reversing a net loss of $17.4 million for the same period in 2016. Diluted earnings per share came to $0.78 this quarter compared to $0.17 a year ago.

The increase in net income attributable to Wynn Resorts, was primarily the result of a full quarter’s income from Wynn Palace, partially offset by a loss on extinguishment of debt.

Adjusted Property EBITDA (earnings before interest, tax, depreciation and amortization) was $473.0 million, up 54.8 percent from $305.4 million for the same period in 2016. This was due to increases of $112.7 million, $32.2 million and $22.6 million from Wynn Palace, Wynn Macau and total Las Vegas operations, respectively.

Wynn Resorts also announced that it had approved a cash dividend of $0.50 per share, payable to shareholders of record on November 28.