Wynn Resorts second quarter operating loss widens to us$ 17.2 million
Table games and slot machine wins both decreased by 1.8 % from the previous year. Wynn's average daily rate was us$ 197 for the quarter, compared with us$ 218 in 2009. However, occupancy rose to 92.6 % from 86.6 %. Wynn expects to release final second-quarter results on July 29.
Last month, the company laid off 220 hourly and 41 salaried workers from its two Las Vegas hotel-casinos, adding us$ 7.7 million to the company's payroll. In the first quarter, Wynn said it had us$ 34.5 million in operating losses in Las Vegas.
In related news, its subsidiary Wynn Las Vegas said it will buy back any and all of its 6.625 first mortgage notes due 2014 as part of a refinancing of its existing debt.
It plans to finance the tender offer with capital from its parent company and proceeds from a private offering of us$ 1.32 billion in first mortgage notes due 2020. It is arranging the offer with Wynn Las Vegas Capital Corp. Shares of the company rose us$ 1.04 to us$ 84.29 in early trading.
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