Wynn Macau posts 66 % profit jump
The results were announced last night by its parent company, Wynn Resorts.
Meanwhile, on a conference call, the company’s chairman and CEO, Steve Wynn, said the gaming operator already has approval from the Macau government for its Cotai casino. Permission to begin construction is expected “any day now,” Wynn said.
In the first three months of 2011, Wynn Macau’s net revenues were US$ 865.7 million compared to US$ 590.6 million in the first quarter of 2010.
Adjusted property EBITDA was US$ 272.8 million, up 50.2 % year-on-year.
Wynn Macau’s table games turnover in the VIP segment was US$ 29.3 billion for the first quarter of 2011, a 44.7 % increase.
Table games drop in the mass market category was US$682.5 million during the period, a 29.2 % year-on-year rise.
Gross non-casino revenues at Wynn Macau increased 50.2 % during the quarter to US$94.2 million, driven by strong performance from all non-casino segments, the company said.
Overall, parent company Wynn Resorts posted a six fold increase in first-quarter net profit, to US$ 173.8 million, driven by its Macau subsidiary results
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