Casino operator Wynn Resorts’ Q4 and FY15 results showed continued weakness in Macau but at least chairman Steve Wynn managed not to publicly insult the city-state’s leadership this time.
Wynn’s overall revenue in the three months ending Dec. 31 fell nearly 17% to $947m, while full-year revenue was down 25% to just under $4.1b. Wynn’s Q4 profit fell 20% to $87.2m while the full-year figure fell from $731.5m all the way down to $195.3m.
As expected, Macau was the millstone dragging Wynn down. Macau revenue was off 27% in Q4 while adjusted earnings fell one-third. Turnover at Wynn Macau’s VIP tables fell 37% while the mass market tables were down 11% and slots handle slipped 4.7%.
As with other operators with businesses in Macau and Nevada, Wynn’s Las Vegas numbers were far rosier. Overall Vegas revenue rose 3.8% in Q4 to $391m despite gaming revenue being flat at $171m. Table drop was down nearly one-quarter while slots handle fell 5% but both slots and table win improved thanks to higher hold rates.