Wynn Macau stands as one of the most luxurious hotels and casinos in the world, but their recent results have given the owners some reasons for concern. With the third quarter of 2019 results in, the hotel that was opened back in 2006 has shown clear signs of decline. The hotel features over 1,000 hotel rooms and super luxurious suites which house many of Asia’s biggest high rollers.
Then, there is also a massive, 273,000 square feet casino floor in addition to dining areas, retail space, a pool, two spas and more. Then property features three different types of entertainment including stunning Performance Lake. As previously mentioned, the resort opened in 2006 while one year later, the first expansion was finished. This expansion saw an additional gaming space, more dining areas, and more retail shops.
Then, in 2009 the resorts become one of five resorts in Asia to receive the Five-Star award by Forbes which doubtlessly speaks greatly of its accommodation and other features. The company which owns the venue, Wynn Resorts Limited in 2010 opened Encore at Wynn Macau which is today fully integrated into Wynn Macau. Encore is an all-suite hotel which includes four hundred and ten suites, and forty-one Salon Suites.
Wynn Macau Third-Quarter Revenues Declined
As reported by several news outlets, the local subsidiary of the most prominent American hotel and casino operator saw disappointing third-quarter financial results which have shown that the venue’s gross gaming revenues declined by around 22.7% to hit around $1.07 billion mainly thanks to a great drop in the venue’s VIP turnover.
According to one report by the Asian Gaming news outlet, the company responsible for Wynn Palace Cotai and Wynn Macau casino resorts recorded a massive 26.4% decline in property earnings before amortization, depreciation, taxes, and interest in the three months which equals to around $301 million. When it comes to the company’s Wynn Macau casino and hotel resort, the venue’s third-quarter financial results have shown that the venue’s operating revenues had declined by around 18.2% to hit around $474 million.
The operator also detailed that the property’s third-quarter financial results have shown that the venue’s earnings before amortization, depreciation, taxes, and interest plummeted by around 24% which equals just $139 million. It was also reported that Wynn Macau Limited saw the property’s VIP turnover contract by around 42.5% to hit $8.02 billion.
On the other hand, the Inside Asian Gaming news outlet also reported that the Macau-based casino resort chalked up a great 11.5% rise in its third-quarter financial results of the mass-market drop to around $1.2 billion with a great win rate of 8.9% which equals to $272.5 in generated earnings. When it comes to slot games, the property saw handle grow by around 11.7% which equals $1 billion.
Tough Times for Wynn Palace Cotai as Well
The Wynn Resorts Limited’s other luxurious Macau-based property Wynn Palace Cotai is also facing some tough times. This one thousand and seven hundred-room hotels and resort casino experienced a massive 18.1% deterioration in its third-quarter operational gross gaming revenues which equals $598 million.
The property’s adjusted earnings before amortization, depreciation, taxes, and interest also plummeted by around 28.3% to hit only $162 million. This property also witnessed a massive 32.3% weakening of its overall VIP turnover which hit only $10 billion. The numbers generated speak of the property’s winning rate declining by 0.21% to hit just 3.40%.
