{"id":111347,"date":"2019-08-06T14:22:48","date_gmt":"2019-08-06T21:22:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=111347"},"modified":"2019-08-06T15:48:10","modified_gmt":"2019-08-06T22:48:10","slug":"wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/","title":{"rendered":"Wynn Resorts Q2 Revenue Beats Wall Street Forecasts, Macau Sales Nudge Higher"},"content":{"rendered":"

Wynn Resorts Ltd. (NASDAQ:WYNN) said its second-quarter earnings based on generally accepted accounting principles (GAAP) checked in at 88 cents a share, badly missing analysts’ estimate of $1.26. But turnover at the company’s Macau properties inched higher.<\/p>\n

\"\"
Wynn Las Vegas, a source of strength for the company’s second-quarter results. (Image: Play Nevada)<\/figcaption><\/figure>\n

On a non-GAAP basis, the gaming company earned $1.44 a share, beating the consensus forecast by five cents. The owner of the Encore and Wynn on the Las Vegas Strip said revenue rose 3.1 percent year-over-year to $1.66 billion, topping Wall Street’s expectation by $60 million.<\/p>\n

Non-GAAP results, also known as pro forma earnings, can include earnings before interest, tax, depreciation and amortization (EBITDA), a commonly used metric<\/a> in the gaming industry because operators believe EBITDA provides investors with a more accurate gauge of the company’s cash flow and a more complete view of the firm’s overall financial health.<\/p>\n

EBITDA in Macau, the company’s most important market<\/a>, fell 2.6 percent to $343 million, below the estimate of $355 million. But Wynn said revenue at its properties there increased.<\/p>\n

Casino revenues from Wynn Palace were $528.5 million for the second quarter of 2019, a 0.7% increase from $525.0 million for the second quarter of 2018,\u201d according to a statement. \u201cOperating revenues from Wynn Macau were $546.5 million for the second quarter of 2019, a 0.6% increase from $543.3 million for the second quarter of 2018.\u201d<\/p><\/blockquote>\n

Casino revenues at Wynn Palace and Wynn Macau rose by 0.7 percent and 1.7 percent, respectively, during the June quarter. Table games percentage at both properties came in slightly higher than previously forecast by Wynn.<\/p>\n

Boston Potential Evident<\/b><\/h2>\n

In the quarter, Wynn opened its first ex-Las Vegas domestic property<\/a>, Encore Boston Harbor. While that venue was open for just eights days of the quarter (June 23 through June 30), data suggest it will be an important driver of the company’s earnings and revenue going forward.<\/p>\n

In those eight days, Encore Boston Harbor contributed $18.8 million in revenue and EBITDA of $100,000.<\/strong><\/p>\n

Starting in the third quarter, operating results for the New England gaming property will be reported as a separate segment, according to Wynn.<\/p>\n

Sin City Surprise<\/b><\/h2>\n

Analysts and investors typically focus on Macau when evaluating Wynn because the China gaming center accounted for three-quarters of the company’s operating revenue last year. But second-quarter results in Las Vegas were solid.<\/p>\n

\n

While some rival operators have complained about weak Strip gaming revenue<\/a> for the April through June period, Wynn bucked that trend. Casino revenue during the quarter at Wynn and Encore was $119.8 million, up 17.7 percent from $101.7 million a year earlier.<\/span><\/p>\n<\/div>\n

Wynn’s table games percentage in Las Vegas for the second quarter was 28.7 percent, easily topping the company’s previous guidance of 22 percent to 26 percent.<\/p>\n

After closing at $111.87 Tuesday, shares of Wynn were volatile in after-hours trading, rising by nearly three percent before falling by more than that amount, only to be higher by almost 1.7 percent at this writing.<\/p>\n

As of June 30, Wynn has $1.51 billion in cash and $9.15 billion in debt, more than a third of which is attributable to its Macau business.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts Ltd. (NASDAQ:WYNN) said its second-quarter earnings based on generally accepted accounting principles (GAAP) checked in at 88 cents a share, badly missing analysts’ estimate of $1.26. But turnover at the company’s Macau properties inched higher. On a non-GAAP basis, the gaming company earned $1.44 a share, beating the consensus forecast by five cents. […]<\/p>\n","protected":false},"author":46,"featured_media":111352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Q2 Revenue Rises With Help From Macau, Las Vegas<\/title>\n<meta name=\"description\" content=\"Wynn Resorts second-quarter revenue jumped thanks to modest increases in Macau and surprising strength in Las Vegas.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Q2 Revenue Rises With Help From Macau, Las Vegas\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts second-quarter revenue jumped thanks to modest increases in Macau and surprising strength in Las Vegas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-06T21:22:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-06T22:48:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/wynn3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"848\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/\",\"name\":\"Wynn Resorts Q2 Revenue Rises With Help From Macau, Las Vegas\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/wynn3.jpg\",\"datePublished\":\"2019-08-06T21:22:48+00:00\",\"dateModified\":\"2019-08-06T22:48:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts second-quarter revenue jumped thanks to modest increases in Macau and surprising strength in Las Vegas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q2-revenue-rises-with-help-from-macau-las-vegas\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/wynn3.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/wynn3.jpg\",\"width\":1280,\"height\":848,\"caption\":\"Wynn Las Vegas, a source of strength for the company's second-quarter results. 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