Wynn Resorts reveals 2018 third quarter financial results

Wynn Resorts have reported a positive third quarter financial result in trying Macau conditions.

Operating revenues were $1.71 billion for the third quarter of 2018, an increase of 10.2%, or $157.7 million, from $1.55 billion for the same period of 2017. Operating revenues from Wynn Palace and Wynn Macau Operations increased $205.5 million and $17.6 million, respectively, compared to the same period of 2017.

Operating revenue growth at Wynn Palace and Wynn Macau was partially offset by a decrease of $65.4 million from the Las Vegas operations of the company.

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Using the standard US reporting model, net income attributable to Wynn Resorts, Limited was $156.1 million, or $1.44 per diluted share, for the third quarter of 2018, compared to $79.8 million, or $0.78 per diluted share, for the same period of 2017.

The increase in net income attributable to Wynn Resorts, Limited was primarily due to an increase in operating income from Wynn Palace and Wynn Macau, offset by a decrease in our Las Vegas Operations. Adjusted net income attributable to Wynn Resorts, Limited (2) was $182.3 million, or $1.68 per diluted share, for the third quarter of 2018, compared to $155.8 million, or $1.52 per diluted share, for the same period of 2017.

Adjusted Property EBITDA was $504.4 million for the third quarter of 2018, an increase of 6.6%, or $31.4 million, from $473.0 million for the same period of 2017. Adjusted Property EBITDA increased $87.9 million at Wynn Palace and was relatively flat at Wynn Macau compared to the same period of 2017. The increase at Wynn Palace was partially offset by a decrease of $56.2 million at the Las Vegas operations.

Wynn Resorts also announced today that the Company has approved a cash dividend of $0.75 per share, payable on November 30, 2018 to stockholders of record as of November 21, 2018.