Casino operator Wynn Resorts reported falling revenue and earnings in Q1 as VIP gamblers gave its Macau and Las Vegas casinos a wide berth.
Figures released Thursday show Wynn’s revenue falling 3.7% year-on-year to $1.65b in the three months ending March 31, while adjusted earnings fell 12.3% to $494.8m and net income totaled $104.9m versus a net loss of $204.3m in Q1 2018, although that loss was attributable to costs associated with resolving ex-CEO Steve Wynn’s legal woes.
Wynn’s operations in Macau were a mixed bag, with the new Wynn Palace property reporting revenue up 9.1% to $665.8m and earnings up 5% to $212m. By contrast, the Wynn Macau venue’s revenue fell 15.3% to $524m while earnings fell 22% to $164m.
Both properties reported significant declines in VIP gambling turnover, with Wynn Palace down 18% to $12.6b and Wynn Macau tumbling 40.3% to $10.2b. A reprieve of sorts came via Wynn Palace’s 3.91% VIP win rate, a full 1.3 points higher than the year before and well above the normal 2.7-3.0% range, while Wynn Macau’s win rate rose 0.3 points to 2.9%.