Wynn Palace Revenues Not Enough to Offset Revenue Decline

Strong results for Wynn Palace in Macau’s Cotai Strip were not enough to fully offset the total revenue decline for Wynn Resorts in the January-March 2019 period.

The company recorded growth in operating revenues from its Wynn Palace resort, increasing 9.1% year-on-year to US$727 million. This was attributed to a rise in casino revenues in the quarter, mainly VIP table games turnover, along with mass table games drop, partially offset by lower slot machine handle.

However, operating revenue from both Wynn Macau and its Las Vegas operations fell by 15.3% and 7.1%, respectively, with casino revenues to blame for both.

Looking ahead, Wynn is working on constructing Encore Boston Harbor, an integrated casino resort in Everett, Massachusetts. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings, and food and beverage outlets.

The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately US$2.6 billion. The company expects to open Encore Boston Harbor in mid-2019. (AGB)