Wynn Resorts reported a 15.7% increase in operating revenues to almost US$5.05 billion from its Macau properties in 2018, boosted by 35.8% growth at Wynn Palace.
Releasing its 2018 Annual Report on Friday, Wynn Resorts said its rise in operating revenues was primarily driven by increases in VIP turnover and table drop at Wynn Palace, where revenue climbed US$2.76 billion.
VIP turnover at Wynn Palace increased 16.2% for the year to US$61.1 billion with win of US$1.87 billion, up 26.1%, while mass table drop 41.1% to US$4.93 billion with mass win up 51.7% to US$1.21 billion).
The results weren’t as strong at Wynn Macau, which is currently undergoing major renovation work that includes reducing the property’s reliance on junkets and focusing instead on the premium mass segment. Subsequently, VIP turnover at Wynn Macau fell slightly to US$57.76 billion with win down 16.8% to US$1.59 billion. Mass table drop grew 11.8% to US5.06 billion with win rising 15.2% to US$1.01 billion.
Updating progress on Wynn Macau’s refurbishment, the company said it has now begin a reconfiguration of the current Wynn Club gaming area, with the enhanced space to consist of around 40 mass market table games when complete as well as “a refurbished high-limit slot area, two new restaurants and approximately 7,400 square feet of retail space, and will provide for improved pedestrian access.”
Total project budget is estimated at US$62 million, Wynn Resorts added.