Wynn Resorts has published its Q3 financial results for the quarter ended September 30, 2019, showing losses in operating revenues during the trading period. Operating revenues came in at $1.65bn, down by 3.6%, or $61.3m, from $1.71bn year-on-year.
At Wynn Palace, operating revenues decreased $132.4m year-on-year, while Las Vegas Operations were described by the firm as relatively flat. The decrease in operating revenues at Wynn Palace and Wynn Macau was partially offset by operating revenues from Encore Boston Harbor of $175.8m.
Net loss attributable to Wynn Resorts was $3.5m, or $0.03 per diluted share, for the third quarter of 2019, compared to net income of $156.1m, or $1.44 per diluted share, in the third quarter of 2018. The change was primarily driven by a decrease in VIP table games win at Wynn’s Macau Operations.
Adjusted net income attributable to Wynn Resorts was $18.5m, or $0.17 per diluted share, for Q3, compared to $182.3m, or $1.68 per diluted share, year-on-year. Adjusted Property EBITDA in Q3, meanwhile, was $396.9m, down 21.3% or $107.4m, from $504.4m year-on-year.
CEO Matt Maddox commented: “We delivered solid financial results in the third quarter, despite negative hold impact in both Macau and Las Vegas. In Macau, the investments we have made position us well to compete in any market environment, as evidenced by record mass table win in the quarter.
“Our strategy at Wynn Las Vegas continues to bear fruit as we increased market share in our domestic gaming business and drove nearly 4% year-on-year growth in RevPAR. During our first full quarter of operations at Encore Boston Harbor, we have been particularly pleased with the strength of our table games business and we are encouraged by the opportunity to drive growth at the property over the next several years.”
“On the development front, we are on track to launch the renovated West Casino at Wynn Macau beginning in late 2019, further solidifying the property as the peninsula’s marquee integrated resort. In Las Vegas, our 430,000 square foot group space expansion is on schedule to open in the first quarter of 2020 and feedback from meeting planners has been very encouraging.”