A 39.1% year-on-year increase in revenue at Wynn Palace was the driving force behind 3Q18 revenue growth for Wynn Resorts, with the company’s Macau operations making amends for a substantial downturn in the company’s Las Vegas operations.
Wynn Palace booked operating revenue of US$730.6 million for the three months to 30 September 2018, up from US$525 million in the same period last year, with Adjusted Property EBITDA up 63.6% to US$226.1 million.
Casino revenue at Wynn Palace was US$625.6 million, with the mass market segment performing particularly well and luck falling the company’s way. Mass table drop grew 37.3% for the quarter to US$866.6 million, with win up 58.6% to US$308.1 million on the back of table games win percentage of 25.9%. VIP table drop also increased by 13.4% to US$13.69 billion with a win percentage of 3.4%.
Slot machine handle was US$922.5 million, an increase of 12.8%, while slot machine win increased 9.7% to US$46.0 million.
On the peninsula, Wynn Macau booked a slight 3.1% increase in revenue to US$579.6 million with Adjusted Property EBITDA flat at US$182.9 million.
Both VIP and mass saw increase in turnover, with VIP up 4.4% to US$13.37 billion although it was negatively impacted by lower hold than in 3Q17. Mass table drop, meanwhile, grew 10.6% to US$1.18 billion with win of US$250.2 million. Slot machine handle was up slightly to US $895.2 million.
The company’s solid Macau results offset a 14.1% decline in Las Vegas, where revenue fell to US$398.9 million.
Wynn Resort reported company-wide operating revenues of US$1.71 billion in 3Q18, a 10.2% increase over the same period in 2017, with its two Macau properties contributing 76.6% of total revenue.