All four Las Vegas-based operators which are in the hunt for an IR license in Japan reported strong financial results in the July-September period.
Las Vegas Sands led the pack with both the highest revenues and the highest profits, recording US$3.37 billion in net revenues and US$699 million in net income. Sands’ properties in Macau and Marina Bay Sands in Singapore were the major contributors to these strong financial results.
MGM Resorts was not far behind with over US$3 billion in net revenues and US$171 million in net income. The results from Macau were significantly better than those from the United States, in part because of a decrease in casino and non-casino revenues at the company’s Las Vegas Strip resorts, and also due to expenses associated with the opening of MGM Springfield.
Third largest in terms of revenue and trailing the other operators in terms of profits was Caesars Entertainment. This firm, whose President and CEO Mark Frissora is leaving the company early next year, recorded US$2.19 billion in net revenues and US$111 million in net income. These results were a major turnaround from the same period in 2017 when Caesars was taking on financial losses.
Finally, Wynn Resorts reported US$1.71 billion in net revenue and a notably strong US$220 million in net income. Like Sands and MGM, the most handsome profits came from Macau. In Las Vegas, year-on-year revenues were declining. Wynn is also investing in the construction of Encore Boston Harbor. As of September 30, they stated that they had incurred US$1.83 billion in total project costs, with hopes of opening in mid-2019. (AGB Nippon)