Wynn Resorts Q2 revenue boosted by Wynn Palace income

Wynn Resorts’ financial results for Q2 show a 9% year-on-year growth to $1.6bn.

Operating revenue for the first half of the year was up 13% to $3.3bn.

Net income increased drastically to $155.8m, or $1.44 per diluted share, for the second quarter of 2018, compared to $74.9m, or $0.73 per diluted share..

Revenue was dependent on Macau operations, where Wynn Palace recorded revenue of $620m, an increase of 56%, and this was offset by a 15% revenue decrease at Wynn Macau, to $543.3m.

Adjusted Property EBITDA was $476.4m,, an increase of 11%. Adjusted Property EBITDA from Wynn Palace increased $91.9m. This increase was offset by decreases of $37.5m and $8.1m from Wynn Macau and Las Vegas Operations respectively.

Non-casino revenues from Las Vegas Operations were $339.8m,, a 1% increase, and both Macau-based casinos also posted large increases to non-gaming revenue. Wynn Macau took $70m for the quarter, an increase of 16%, and Wynn Palace revenues were $95.6m, an increase of 30%.

Las Vegas operations showed a small increase in revenue by 1% to $441m, as adjusted property EBITDA decreased by 6% to $124m.

Total outstanding debt at the end of the quarter was $8.31bn, including $4.23bn of Macau-related debt, $3.1bn of Wynn Las Vegas debt and $985.9m at the parent company and from other operations.