Wynn Macau profits up 57.5% in Q2 2017

The unaudited results of the Macau unit were filed on Wednesday with the Hong Kong Stock Exchange, and prepared in accordance with International Financial Reporting Standards. Wynn Macau Ltd recorded net profit of US$ 102.6 million in the second quarter of 2017, up 57.5 % compared with nearly US$ 65.1 million in the prior-year period.

The results of the Macau unit helped Wynn Resorts Ltd deliver second-quarter revenue that topped analysts’ estimates. The global operations of Wynn Resorts – including Las Vegas, in the United States, and Macau – generated net revenues of US$ 1.53 billion for the second quarter of 2017, up 44.5 % compared to US$1.06 billion in the same period a year earlier.

The company said the growth was driven by the results of Wynn Palace, a property that opened in Macau’s Cotai district in August, as well as increases in revenue from Wynn Macau property and the Las Vegas operations.

Adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the group were US$ 430.0 million for the second quarter of 2017, up 37.5 % from a year earlier.

"What is clear is that things are moving along [in Macau], our VIP business has picked up in both hotels and the mid-market is growing,” said company chairman and chief executive Steve Wynn during an earnings conference call with analysts, for the U.S.-based parent Wynn Resorts.

Investment analysts said the Macau unit’s second-quarter results were in line with expectations, showing a strong performance from the Wynn Macau property on the peninsula offset by weaker Wynn Palace performance.

Source: GMB