In Macau, the firm behind the giant Wynn Palace Cotai and Wynn Macau casino resorts, Wynn Macau Limited, has released its second-quarter unaudited financial results showing that operating revenues had increased by over 71% year-on-year to reach in excess of $1.09 billion. The Hong Kong-listed operator revealed that the improvement was largely down to the performance of the gaming operations inside its two Macau properties as casino revenues swelled by 68% year-on-year to $1.02 billion while takings from its retail leases almost doubled to $42.8 million. Wynn Macau Limited reported that room revenues reached $14.1 million for the three months to June 30, which was a boost of some 378% year-on-year, while food and beverage takings improved by nearly 142% to $15.5 million.
However, Wynn Macau Limited also detailed an over 70% rise year-on-year in terms of second-quarter operating costs and expenses at $942.8 million with gaming taxes and premiums going up by almost 73% to $511 million. All of this left the casino operator with a profit before tax for the second quarter of $102.9 million, which represented an advance of 56.9% year-on-year, while its net profit improved by 57.4% to $102.5 million. Regarding individual properties, Wynn Macau Limited stated that its Wynn Macau venue saw second-quarter net revenues rise by 6.8% year-on-year to $682.7 million while its adjusted property earnings before interest, tax, depreciation and amortization improved by 10.5% to $210.4 million. The 1,000-room development experienced an average advanced daily occupancy rate for the three-month period of 97.5%. Moreover, saw a 7.4% boost in casino revenues to $654.7 million due to a 35.3% swell in VIP table games turnover to just over $16 billion and despite a 9% fall in mass-market drop to nearly $1.1 billion.
For the Wynn Palace Cotai, which only opened in August of last year, the operator declared that net revenues for the second quarter came in at $414.7 million while adjusted property earnings before interest, tax, depreciation and amortization hit $87.4 million. The 1,700-room property experienced an average advanced daily occupancy rate of 96.2% while its casino saw three-month revenues of $372.2 million with VIP table games turnover reaching $11.6 billion alongside mass-market drop of $729 million. “Our cash and cash equivalents, restricted cash and investment securities at June 30, 2017, were $2.8 billion,” read a statement from Wynn Macau Limited. “Total debt outstanding at the end of the quarter was $9.8 billion including $3.8 billion of Macau-related debt, $3.16 billion of Wynn [Resorts Limited] Las Vegas debt and $2.83 billion at the parent company and other.”
Wynn Macau Limited is majority owned by Las Vegas-based Wynn Resorts Limited and the parent declared that its second-quarter net revenues had improved by 44.5% year-on-year to $1.53 billion while net income rose by 6.4% to $74.9 million. It detailed company-wide adjusted property earnings before interest, tax, depreciation and amortization of $430 million, which represented a boost of 37.5%, with $87.4 million of this coming from the Wynn Palace Cotai alongside increases of $20 million and $9.9 million from the Wynn Macau and its Las Vegas operations respectively.
