The performance shows the Las Vegas market is improving as Wynn's revenue there grew 9.3% and the operating loss narrowed. In the Chinese gambling enclave Macau, profit and revenue climbed 82% and 32%, respectively. [...]
For the latest quarter, Wynn reported a profit of $27 million, or 22 cents a share, compared with a year-earlier loss of $33.8 million, or 30 cents a share. The latest quarter included 4 cents of charges.
Net revenue climbed 23% to $908.9 million.
Analysts estimated earnings of 14 cents on revenue of $849.8 million, according to a poll by Thomson Reuters.
Operating margin rose to 12.6% from 3.7%.
Overall casino revenue, which provided three-quarters of the total, climbed 28%, while food and beverage revenue increased 2%. In Las Vegas, casino revenue grew 19% while non-casino revenue slid 1.4% as hotel revenue declined 8.8% and food and beverage revenue slipped 1%. The occupancy rate edged down to 89.4% from 89.5%.
And there's even more good news in the internals. The Las Vegas ADR was $203. Las Vegas REVPAR was $181. Table game win per unit per day was $6,459. Unfortunately, all of this wasn't enough to prevent a $34.5 million loss for Wynn Las Vegas (including Encore)...
But Macau's earnings more than offset it! Obviously, Wynn's formula for profit these days now includes a heavy dose of Macau action. Growth there is gangbusters, and it's becoming increasingly clear why they're so excited about building Wynn Cotai as early as next year.
So it was Macau that saved Wynn's day in the end... But Vegas is now starting to look better, and Wynn is looking all the better for it.
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