ynn Macau, which opened on September 6, 2006, released an interim report Tuesday for 2011. Revenues were us$ 1.8 billion, up from us$ 1.3 billion in the first six months of 2010. The subsidiary of Las Vegas-based Wynn Resorts earned us$ 593.1 million for the first six months of 2011, compared with us$ 397.8 million for the same period last year.
"The levels of tourism and overall gaming activity in Macau are key drivers of our business," the company said. "We have benefited from the rise in visitation to Macau over the past several years."
According to the Macau Statistics and Census Service, about 89 % of visitors to Macau in the first half of 2011 were from mainland China, Hong Kong and Taiwan. However, Wynn Macau cautioned that tourism levels could be affected by economic conditions, occasional travel restrictions, competition from other gambling destinations and other factors beyond the company's control.
Since its grand opening, Wynn Macau has undergone extensive expansions in 2007 and 2009. Encore at Wynn Macau, another expansion of the 52-acre property, opened on April 10, 2010, according to the mid-year report.
The company said renovations were needed to position for continued growth in a competitive gaming market. As of June 30, 2011, there were 34 casinos in Macau, including 20 operated by SJM Holdings.
In the report, Wynn Macau said it also faces competition from casinos elsewhere in Asia, including Resorts World Sentosa and Marina Bay Sands in Singapore, and casinos in Malaysia, Vietnam, the Philippines and Australia. Both South Korea and Japan are considering legalizing casino gambling.
Wynn Macau is still awaiting final approval to break ground on its us$ 2.5 billion resort in Cotai. Wynn Resorts expects the Cotai development to double the company's Macau revenue when it opens in 2015.
Shares of Wynn Resorts gained 99 cents, or 0.67 percent, to close Tuesday at us$ 148.89 on the Nasdaq Global Select Market. Wynn shares have traded between us$ 85.72 and us$ 172.58 over the last 52 weeks.
Listed on the Hong Kong stock exchange, shares of Wynn Macau were priced at us$ 2.60 on Tuesday. As of June 30, Wynn Macau had us$ 962.2 million in cash to fund operations, along with a credit line of us$ 987.8 million, according to the report.