Casino operator Wynn Resorts saw its revenue jump by nearly one-half in the third quarter thanks to its newest Macau resort and a solid performance by its Vegas properties.
On Thursday, Wynn released its financial report covering the three months ending September 30, in which revenue shot up 45.3% to $1.61b. Wynn reported adjusted earnings of $473m (+54.8%) and net income of $79.8m versus a $17.4m net loss in the same period last year, which was hampered by costs associated with prepping the opening of the $4.4b Wynn Palace integrated resort in August 2016.
Wynn Palace (pictured) reported revenue of $555.3m in Q3, not far behind the company’s original Wynn Macau property, which generated $567.7m. Wynn Macau’s revenue was up 16.2% year-on-year, while Wynn Palace was only open for 40 days in Q3 2016, rendering comparisons moot.
Wynn Palace’s VIP turnover ($13.7b) narrowly edged out Wynn Macau ($13.37b), but Wynn Macau played luckier, boasting a VIP win rate of 3.37% versus Wynn Palace’s 2.99%.