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China – Wynn Palace helps bridge fall in Wynn Macau

By - 30 January 2017

Wynn Resorts’ latest Macau property Wynn Palace generated revenues of US$418m during the fourth quarter to help offset lower revenues at Wynn Macau which was down 10 per cent to hit $498m for the quarter.

The addition of revenues from Wynn Palace also absorbed decreases of $7.9m from the company’s Las Vegas operations.

Overall net revenues for the Las Vegas/Macau operator were $1.3bn for the fourth quarter of 2016, an increase of 37.3 per cent from 2015.

CEO Steve Wynn revealed that his company wants to develop more casinos in China and has already planned where to do it.

In the US, the operator is increasing its footprint with expansion in Las Vegas behind the Wynn and Encore towers. A blueprint for Paradise Park will be presented to the board in the second quarter with construction slated to start in Q4.

“We want to take our noncasino revenue to enormously high levels,” he said.

Casino revenues from Wynn Macau were $465.3mfor the fourth quarter of 2016, a 10.7 per cent decrease from $521.2m for the same period of 2015. Table games turnover in VIP operations was $10.80bn, a 17.2 per cent decrease from $13.03bnfor the fourth quarter of 2015.

Net revenues and Adjusted Property EBITDA from Wynn Palace were $418.7m and $77.5m, respectively, for the fourth quarter of 2016.

Casino revenues from Wynn Palace were $373.2m for the fourth quarter of 2016. In VIP operations, table games turnover was $10.33bn. In mass market operations, table drop was $725m whilst slot machine handle was $534.4m and slot machine win was $28.1m for the fourth quarter of 2016.

Net revenues from Wynn’s Las Vegas Operations were $383.3m for the fourth quarter of 2016, a two per cent decrease from $391.2m for the same period of 2015.

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