Wynn Financial Decline Offset By Encore Boston Harbor

Wynn Resorts announced a number of financial declines throughout its operations in Wynn Palace, Macau and Las Vegas, as the company is planning to announce its new meeting and expansion of the convention.

Operating revenues during the fourth quarter of the year amounted to $1.65 billion, down two percent from $1.69 billion, with declines of $150.6 million, $28 million and $24.9 million across the trio partially offset by Encore Boston Harbor operating revenues of $169.3 million.

A 1.6 percent decline was felt on a full year basis as operating revenues from $6.72bn ended at $6.61bn. The operations at Wynn Palace, Macau and Las Vegas fell $213.9 m, $224.5 m and $32.1 m, offset by Encore’s $363.9 m.

Adjusted property EBITDA in the fourth quarter was $443.1 m, down 11.3 percent from $499.4 m, with its full-year figure ending at $229 m, falling 11.2 percent from $2.04bn to £ 1.82bn.

The business is also scheduled to launch this month’s Wynn Las Vegas meeting and convention expansion, with the total project budget, including the renovated golf course that reopened in October 2019, to around $425 million.

Wynn Resorts CEO Matt Maddox has explained: “We delivered solid financial results in the fourth quarter of 2019, growing Adjusted Property EBITDA nearly 12 per cent sequentially compared to the third quarter.

“In Macau, the investments we have made position us well to compete in any market environment, supported by another quarter of record mass table win. Our strategy at Wynn Las Vegas is producing results, driving year-over-year volume growth in our domestic gaming business, along with 3 per cent growth in RevPAR.

“Encore Boston Harbor continues to ramp nearly doubling its adjusted property EBITDA sequentially and we remain excited by the opportunity to drive growth at the property over the next several years.

“It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In November, we launched key portions of the new Lakeside Casino at Wynn Macau, further solidifying the property as the peninsula’s marquee integrated resort. In Las Vegas, construction on our 430,000 square foot meeting and convention expansion is complete and we are gearing up to welcome our first groups to the new space.

“We are excited about the outlook for the company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders.”