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Table games turnover in VIP operations was $10.52 billion, a 32.3 percent tumble from the year-earlier period, according to the company. While table game wins as a percentage among high-end gamblers on the peninsula was higher by almost 3.20 percent last quarter, the comparable metric among mass market players declined 9.2 percent.<\/p>\n<\/div>\n
Wynn remains committed to the peninsula and expects the renovated West Casino at Wynn Macau, one of its newest investments there, to be ready by the end of this year.<\/p>\n
Other Weak Spots<\/h2>\n
Macau wasn’t the only drag on Wynn’s September quarter results. The company said adjusted property EBITDA in Las Vegas fell 7.6 percent to $88 million, below the consensus estimate of $102 million. There are some signs that Wynn’s Strip business could pick up over the coming quarters as enhancements come online.<\/p>\n
\u201cOur strategy at Wynn Las Vegas continues to bear fruit, as we increased market share in our domestic gaming business and drove nearly 4% year-on-year growth in revenue per available room (RevPAR),\u201d said CEO Matt Maddox in a statement.<\/p>\n
Maddox added that the company’s 430,000 square-foot meeting space expansion is slated to open in the first quarter of next year, and that \u201cfeedback from meeting planners has been very encouraging.\u201d<\/strong><\/p>\nThe July through September time frame was the first full quarter of operation for Encore Boston Harbor, Wynn’s newest gaming property. Although that venue has become a leader among<\/a> New England casinos, it wasn’t immune from disappointing results. Third-quarter adjusted property EBITDA at that integrated resort was $7.7 million, missing the $15 million analysts expected.<\/strong><\/p>\nAs of this writing, Wynn shares were higher by 1.85 percent in after-hours trading. The stock is up more than 23 percent year-to-date.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wynn Resorts Ltd. (NASDAQ:WYNN) was volatile in Wednesday’s after-hours session, moving between losses and gains, after the company reported third-quarter results that came in well short of Wall Street expectations. The operator of the Encore and the Wynn on the Las Vegas Strip reported a loss of three cents a share for the July through […]<\/p>\n","protected":false},"author":46,"featured_media":119102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Wynn Resorts Q3 Results, as Expected, Were Hindered by Macau<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n