Wynn Macau revenue up 3 percent

 

Wynn Macau Ltd recorded a 2.6 percent increase in revenue to $930.9 million in the second quarter from a year earlier, with casino revenues rising 2.2 percent to $873.5 million. Net profits rose 3 percent to $227.3 million.

VIP table turnover slipped 1.6 percent to $29.9 billion and mass table volumes fell 6.7 percent to $626.6 million, though the mass table win rose 8.5 percent to $217 million. Slot volumes were flat at $1.2 billion though the slot win dropped 8.9 percent.

The company disclosed that it had begun to renovate the 600-room original Wynn Macau hotel tower and expected the process to complete by November. Ian Coughlan, director, told analysts the renovation meant the hotel was effectively operating with 100 rooms out of service at a time. “We think that there might be mild impact from that on the gaming side,” he said. Steve Wynn, chairman and chief executive, said, “We’re operating with a little bit of a deficit, especially since we have such a high utilization of our rooms by VIP customers.”