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Wynn Resorts Ltd (WYNN) Tops Q2 EPS by 16c; Macau Revenue Rose 3.6%

July 28, 2016 4:15 PM EDT

Wynn Resorts Ltd (NASDAQ: WYNN) reported Q2 EPS of $1.07, $0.16 better than the analyst estimate of $0.91. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.02 billion.

Macau Operations

Net revenues from our Macau Operations were $639.3 million for the second quarter of 2016, a 3.6% increase from $617.0 million in the same period of 2015. Adjusted Property EBITDA from our Macau Operations was $190.4 million for the second quarter of 2016, a 9.8% increase from $173.4 million in the same period of 2015.

Casino revenues from our Macau Operations were $609.8 million for the second quarter of 2016, a 5.2% increase from $579.5 million in the same period of 2015. Table games turnover in the VIP segment was $11.84 billion, a 23.8% decrease from $15.54 billion in the second quarter of 2015. VIP table games win as a percentage of turnover (calculated before commissions) was 3.98%, above the expected range of 2.7% to 3.0% and the 2.92% we experienced in the second quarter of 2015. The average number of VIP tables decreased to 183 for the second quarter of 2016, compared to 247 in the same period of 2015. Table drop in the mass market segment was $1.17 billion, a 1.7% decrease from $1.19 billion in the second quarter of 2015. Table games win in the mass market segment was $235.2 million, a 12.7% increase from $208.6 million in the second quarter of 2015. Table games win percentage in the mass market segment was 20.0%, above the 17.5% experienced in the second quarter of 2015. Slot machine handle was $806.5 million, a 21.5% decrease from $1.03 billion in the second quarter of 2015, which drove a decline in slot win of 34.8% to $33.3 million.

Non-casino revenues before promotional allowances from our Macau Operations were $68.1 million for the second quarter of 2016, a 12.7% decrease from the $78.1 million in the same period of 2015. Room revenues decreased 5.8%, to $29.3 million for the second quarter of 2016, compared to $31.1 million in the same period of 2015. Our average daily rate ("ADR") remained flat at $321, compared to the same period of 2015. Occupancy decreased to 91.5% for the second quarter of 2016, compared to 96.4% in the same period of 2015. Revenue per available room ("REVPAR") was $294, a 5.2% decrease from $310 in the second quarter of 2015.

For earnings history and earnings-related data on Wynn Resorts Ltd (WYNN) click here.



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