Wynn Resorts Casino Profits Rise Amid Boston Encore Hubbub
The Wynn Resorts hotel and casino operates locations all over the country and in Las Vegas the revenue is pointing up quickly.
According to the The Street, The Wynn Casino & Resort reported adjusted profit per share of $1.44 in the past three months through the end of June. That second-quarter number is down from $1.53 from 2018 as Wall Street predicted earnings of $1.42 profit per share.
However, the casino revenue was boosted from 2018 with an increase of 3.3 percent to $1.66 billion.
The Las Vegas location’s revenue hit $119.8 million for the quarter and that number is a 17.7 percent increase from the second quarter of 2018.
Wynn Properties a Hit in China
Casino revenue from Wynn Macau in China went up 1.7 percent to $481.2 million. Also, in Macau, Wynn Palace had a casino revenue boost of 0.7 percent increase to $528.5 million.
"We were pleased to deliver year-over-year revenue growth at all of our properties in the second quarter, with particular strength in our core mass business in Macau and REVPAR in Las Vegas," CEO of Wynn Resorts Matt Maddox told The Street.
The Wynn properties include Wynn Las Vegas (opened in 2005), Encore Las Vegas (opened in 2008) and Encore Boston Harbor (opened on June 23, 2019). Three more are in China: Wynn Macau (2006), Encore at Wynn Macau (2010) and Wynn Palace (2016), where the company plans a $2 billion expansion.
The Wynn West in Las Vegas will open next year where the New Frontier Hotel and Casino was before it was knocked down in 2007. Wynn West will be connected to the Club outside Encore and Wynn Las Vegas that will give visitors convenient travel options across Las Vegas Boulevard.
Encore Boston Harbor opens up
The Encore Boston Harbor officially opened its doors this summer but the company said the location is still working its way up to “Wynn standards” according to a Boston Herald report. They also added that the company will wait until fall before pushing out its marketing material to the VIP customers and high-rollers in the company’s database.
“Thousands and thousands of visitors coming in and the property has not disappointed. The reviews have been terrific, people really appreciate the quality and our service levels are beginning to ramp to Wynn standards,” Maddox told the Boston Herald. Table games have been a hit for the Encore Boston Harbor, Maddox said.
On Aug. 15, the Massachusetts Gaming Commission is expected to make the revenue figures from the casino for July, the first full month of the casino’s work. During the first eight days of the casino’s opening (June 23-June 30) the revenue was a bit north of $2 million per day. Also, customers bet $93.5 million just on slot machines.
Wynn is in a good spot with its latest location and Boston is growing quickly around the resort and casino.
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