Wynn Resorts has seen a 2% fall in Q4 operating revenues according to its financial results for the three-month period and year ended December 31, 2019. They came in at $1.65bn, down by $34.1m year-on-year.
Net loss was $72.9m, or $0.68 per diluted share, compared to net income of $464.9 million, or $4.31 per diluted share year-on-year.
Operating revenues decreased $150.6m, $28m, and $24.9m at Wynn Palace, Wynn Macau, and Las Vegas Operations, respectively, from the fourth quarter of 2018 to 2019. The decrease was, said the firm, partially offset by operating revenues from Encore Boston Harbor of $169.3m.
“We delivered solid financial results in the fourth quarter of 2019, growing adjusted property EBITDA nearly 12% sequentially compared to the third quarter,” said Matt Maddox, CEO. “Our strategy at Wynn Las Vegas is producing results, driving year-over-year volume growth in our domestic gaming business, along with 3% growth in RevPAR.
“Encore Boston Harbor continues to ramp nearly doubling its adjusted property EBITDA sequentially and we remain excited by the opportunity to drive growth at the property over the next several years.
“It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In Las Vegas, construction on our 430,000 square foot meeting and convention expansion is complete and we are gearing up to welcome our first groups to the new space. We are 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.”