Casino operator Wynn Resorts‘s Q4 2016 revenue got a boost from the new Wynn Palace while the company’s other resorts took it on the chin.
Figures released Thursday showed Wynn’s overall revenue jumping 37.3% to $1.3b in the final three months of 2016, spurred by the August opening of the new Wynn Palace in Macau. Profit shot up 30.5% to $113.8m, but $63m of this was due to a non-recurring gain, the absence of which would have pushed profits down 41%.
For the year as a whole, revenue was up 9.6% to $4.47b, while profit improved 19% to $242m (subject to the same caveat as above).
Wynn Palace contributed $418.7m to Q4’s revenue total, offsetting a year-on-year decline of $57.2m at Wynn’s peninsula property Wynn Macau. VIP turnover at Wynn Macau fell 17.2% to $10.8b, narrowly outpacing Wynn Palace’s VIP turnover of $10.33b. Wynn Macau’s mass market table drop fell 7.5% to $1.1b while Wynn Palace’s mass table drop hit $725m.