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China – Wynn Palace helps Wynn to a 47 per cent revenue rise Q1

By - 26 April 2017

Wynn Palace, the latest resort Wynn Resorts has opened in Macau, has helped boost first quarter revenues for the Las Vegas-based operator.

The company opened Wynn Palace on August 22, 2016, with the first quarter of 2017 representing the second full quarter of operations for the resort.

Net revenues and Adjusted Property EBITDA from Wynn Palace were $475.8m and $111.9 million, respectively, for the first quarter of 2017.

This contributed to the operator posting a 47.9 per cent increase in its net revenue across the board.
Net revenues came in at $1.48bn for the first quarter of 2017, an increase of 47.9 per cent. The company stated: “The increase was the result of $475.8m from Wynn Palace and an increase of $23.4m from our Las Vegas Operations, partially offset by a decrease of $21.2m from Wynn Macau.”

Chairman of the Board and Chief Executive Officer Steve Wynn said: “Business is good for us. We’re enjoying the continuing prosperity of Wynn Macau and the steady growth of Wynn Palace pursuant to plans and the expectations we’ve had since the inception of that project. When we opened the hotel in Cotai this past August, we had nine per cent of the market. In the first quarter, we went to 13 per cent, and now we’re moving past 16 per cent of market share.”

Net revenues from Wynn Macau were $587m for the first quarter of 2017, a 3.5 per cent decrease from $608.2 million for the same period of 2016.

Net revenues from Wynn’s Las Vegas Operations were $412.9mfor the first quarter of 2017, a six per cent increase from $389.4m for the same period of 2016.

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