Wynn Resorts Ltd (WYNN) Tops Q1 EPS by 37c
Wynn Resorts Ltd (NASDAQ: WYNN) reported Q1 EPS of $2.30, $0.37 better than the analyst estimate of $1.93. Revenue for the quarter came in at $1.72 billion versus the consensus estimate of $1.74 billion.
Wynn Macau
Operating revenues from Wynn Macau were $618.2 million for the first quarter of 2018, an 11.9% increase from $552.7 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $209.8 million for the first quarter of 2018, a 15.9% increase from $181.1 million for the same period of 2017.
Casino revenues from Wynn Macau were $539.0 million for the first quarter of 2018, a 10.5% increase from $488.0 million for the same period of 2017. Table games turnover in VIP operations was $17.09 billion, a 28.6% increase from $13.28 billion for the first quarter of 2017. VIP table games win as a percentage of turnover was 2.61%, below the expected range of 2.7% to 3.0% and the 3.30% experienced in the first quarter of 2017. Table drop in mass market operations was $1.32 billion, a 16.4% increase from $1.14 billion for the first quarter of 2017. Table games win in mass market operations was $256.5 million, a 20.5% increase from $212.9 million for the first quarter of 2017. Table games win percentage in mass market operations was 19.4%, above the 18.7% experienced in the first quarter of 2017. Slot machine handle was $1.00 billion, a 17.1% increase from $856.7 million for the first quarter of 2017, while slot machine win increased 8.3% to $41.8 million.
Non-casino revenues from Wynn Macau were $79.2 million for the first quarter of 2018, a 22.3% increase from $64.7 million for the same period of 2017. Room revenues were $28.4 million for the first quarter of 2018, a 19.0% increase from $23.9 million for the same period of 2017. Average daily rate ("ADR") was $291, a 17.8% increase from $247 for the first quarter of 2017. Occupancy increased to 99.0% for the first quarter of 2018, from 95.7% for the same period of 2017. Revenue per available room ("REVPAR") was $288, a 21.5% increase from $237 for the first quarter of 2017.
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