Wynn Macau’s profit up 19 percent in Q1

2013-4-26

From：Macau Business

Wynn Macau Ltd reported today a 19 percent year-on-year increase in first-quarter profits, to US$249 million (MOP2.0 billion), in accordance to International Financial Reporting Standards.

According to a filing sent today to the Hong Kong Stock Exchange, higher mass-market revenue drove the results, spiking 13.6 percent year-on-year, while table games turnover in the VIP segment dropped by 15.3 percent.

Wynn Macau recorded operating revenues of US$992.1 million between January and March, up by 4.4 percent in comparison with one year before.

Casino revenues represented close to 94 percent of the total.

Wynn Macau casino-hotel, the company’s only property, has 503 tables (288 VIP tables, 205 mass market tables and 10 poker tables) and 834 slot machines.

Wynn Macau started foundation work for its second project, located in Cotai, in February. It forecasts the property will open during the first half of 2016.

The gaming operator said in today’s filing that it expects to enter into a guaranteed maximum price contract for the project construction costs by June. It estimates the project budget to be in the range of US$3.5 billion to US$4.0 billion.

During the first three months of this year, Wynn Macau had already spent US$76.3 million on the Cotai project.

Meanwhile, Wynn Resorts Ltd, the parent company of Wynn Macau, said yesterday that its net income rose 44 percent to US$203 million in the first quarter, surpassing analysts’ estimates.

Copyright@Macau Business