Wynn Resorts Ltd last week released their financial results for the first quarter of 2016, ending March 31, showing a significant year-on-year decline in Macau operations, which was slightly offset by an increase in revenue from Las Vegas operations.
According to a statement from the company, net revenues for the first quarter of 2016 were USD997.7 million, down from USD1.09 billion in the first quarter of 2015. The decline was led by a 13.8 percent (pct) decrease from the Macau side of the business, partially offset by a 0.7 pct increase from Las Vegas operations.
Adjusted Property EBITDA was USD300.3 million for the first quarter of 2016, a 7 pct decrease from USD323 million in the first quarter of 2015.
Wynn reports Q1 revenue decline
The net revenue for Macau operations was down to USD608.2 million in the first quarter, a decrease from USD705.4 million a year earlier. Adjusted Property EBIDTA in the first quarter amounted to USD191.2 million, down 9.9 pct from USD212.3 million in the same period in 2015.
Table games turnover in the VIP segment for Macau totaled USD13.47 billion for the first quarter of 2016, a 21.4 pct decrease from USD17.13 billion a year earlier.
Meanwhile, the average number of VIP tables decreased to 189 units in the first quarter of 2016, from 252 units in the first quarter of 2015.
In terms of the mass-
market segment, income from gaming tables measured USD1.21 billion in the first quarter, down 5.6pct from the equivalent period in 2014. Table games winnings in the mass market decreased 11.5 pct to USD247.5 million. As a percentage the mass market tables games winnings were at 20.5pct, below the 21.8 pct experienced in the first quarter of 2015. DB
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