Aided by robust Las Vegas results, Wynn reports solid quarter

A view of the Encore and Wynn resorts on the Las Vegas Strip, Dec. 26, 2017.

Overall strong performances from its Las Vegas properties helped Wynn Resorts to a 3.3% increase in operating revenues during the second quarter, according to the company.

“Wynn Las Vegas had an excellent quarter executing our strategy,” said Matt Maddox, the company’s CEO, during a conference call on Tuesday.

For the quarter that ended June 30, Wynn reported revenues of just over $464 million at its Las Vegas properties, representing an increase of more than 5% from the second quarter of 2018.

Maddox said he was particularly pleased with Wynn’s table-game business, which, he said was up 12% in the second quarter, bucking the trend on the Strip.

“The overall Las Vegas Strip was down 6%,” Maddox said. “Our slot revenues were up 12% this quarter when the overall Las Vegas Strip was only up 7%.”

Wynn’s total second quarter casino revenues in Las Vegas grew by nearly 18% to almost $120 million when compared with the same quarter in 2018.

Maddox said the casino business performance in Las Vegas was largely the result of a “strategic change in focusing on the casino and driving additional visits and more play.”

Non-casino revenues in Las Vegas, however, were basically flat, and food and beverage revenues fell by just over 3% during the quarter.

Outside of Las Vegas, Maddox touted a successful opening of its Encore Boston Harbor facility in Massachusetts this summer and said “meaningful” progress has been made in the designing and planning of the new Crystal Pavilion complex in Macau. 

Overall, the company reported operating revenues of $1.66 billion during the second quarter. The figure represents a per-share increase of $1.44.