Wynn Resorts has cited year-on-year revenue growth across all of its properties in its financial results for the quarter ended June 30, 2019. CEO Matt Maddox noted particular strength in the firm’s Las Vegas REVPAR and core mass business in Macau. A significant milestone during the quarter, he said, was the successful opening of Encore Boston Harbor, the East Coast’s first premium integrated resort, on June 23.
Turning to the headline figures, Wynn posted operating revenues $1.66bn for the second quarter of 2019, an increase of 3.3%, or $52.9m, from $1.61bn year-on-year. Operating revenues increased $8.3m, $3.2m, and $22.6m at Wynn Palace, Wynn Macau, and its Las Vegas Operations, respectively.
Referring to the Boston Harbor development, Maddox told investors: “Importantly, the opening of Encore Boston Harbor drives a reduction in our near-term capital expenditures and improvement in our discretionary free cash flow profile.
“We are also pleased to announce a $1 per share dividend for the quarter, consistent with our strategy of capital return to shareholders. We remain excited about the outlook for the company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders.”
Net income attributable to Wynn Resorts in Q2 2019 was $94.6m, or $0.88 per diluted share, compared to $155.8m, or $1.44 per diluted share, year-on-year. The change, said the firm, was primarily due to an increase in pre-opening expenses related to the development of Encore Boston Harbor. Adjusted Property EBITDA was $480.6m for the period, up by 0.9% or $4.2m from $476.4m versus Q2 2018.
Q2 operating revenues from the Las Vegas operations came in at $464.1m, a 5.1% increase from $441.6m year-on-year, while adjusted property EBITDA was $137.4m, ahead by 10.7% from $124.2m in Q2 2018. Vegas casino revenues in Q2 were $119.8m, up 17.7% from $101.7m year-on-year.