Wynn Resorts Ltd on Tuesday reported its financial results for the second quarter ended June 30.
Group wide, net revenues for the second quarter of 2014 were approximately US$1.41 billion, a rise of 6 percent compared to US$1.33 billion in the second quarter of 2013.
The firm said the growth was the result of a 12.5 percent increase in net revenues from Wynn Las Vegas (pictured) and Encore Las Vegas and a 3.2 percent net revenue increase from its Macau operations. The percentage increase in favour of Las Vegas operations is the reverse of the earnings pattern typically seen previously by those Nevada-based casino operators that have investments in Macau.
But Macau’s volumes meant that it still contributed most to group earnings.
In the second quarter of 2014, Macau net revenues were US$960.6 million, compared to the US$930.9 million generated in the second quarter of 2013. Macau adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) in the second quarter of 2014 rose to US$307.0 million, up 5.8 percent from US$290.1 million a year earlier.
In Las Vegas operations for the quarter, net revenues were US$451.4 million, a 12.5 percent increase from US$401.4 million in the second quarter of 2013. Wynn Resorts said adjusted property EBITDA in Las Vegas reached a quarterly record of US$160.4 million, up 18.3 percent from US$135.7 million generated in the comparable period in 2013, “the result of both a 5.9 percentage point increase in table games win percentage and a 7.3 percent increase in room revenues,” it stated.
Wynn Resorts also announced on Tuesday that the company had approved a cash dividend for the quarter of US$1.25 per common share. The dividend will be payable on August 26, to stockholders of record as of August 12.
Union Gaming Research LLC said in a note on Friday that recent softness market wide in the Macau VIP segment might be linked with more Chinese people choosing to play their baccarat in Las Vegas. Wynn Resorts purposely targets high-end customers both in Macau and Las Vegas.
The Nevada Gaming Control Board recently reported June 2014 gaming revenues for Clark County including the Las Vegas Strip. The results showed baccarat win (amount staked less prizes paid) up 155 percent year-on-year, to approximately US$134.2 million.
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Vitaly Umansky, Louis Li and Shirley Yang
Analysts at Sanford C. Bernstein