Wynn Resorts Ltd (NASDAQ: WYNN) reported Q2 EPS of $1.53, $0.43 worse than the analyst estimate of $1.96. Revenue for the quarter came in at $1.61 billion versus the consensus estimate of $1.71 billion.

Wynn Macau

Operating revenues from Wynn Macau were $543.3 million for the second quarter of 2018, a 14.9% decrease from $638.5 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $172.9 million for the second quarter of 2018, a 17.8% decrease from $210.4 million for the same period of 2017.

Casino revenues from Wynn Macau were $473.3 million for the second quarter of 2018, an 18.1% decrease from $578.1 million for the same period of 2017. Table games turnover in VIP operations was $13.93 billion, a 13.1% decrease from $16.02 billion for the same period of 2017. VIP table games win as a percentage of turnover was 2.56%, below the expected range of 2.7% to 3.0% and the 3.53% experienced in the second quarter of 2017. Table drop in mass market operations was $1.29 billion, a 21.1% increase from $1.07 billion for the second quarter of 2017. Table games win in mass market operations was $252.0 million, a 13.8% increase from $221.6 million for the second quarter of 2017. Table games win percentage in mass market operations was 19.5%, below the 20.8% experienced in the second quarter of 2017. Slot machine handle was $963.6 million, an 11.0% increase from $867.9 million for the second quarter of 2017, while slot machine win increased 2.3% to $40.4 million.

Non-casino revenues from Wynn Macau were $70.0 million for the second quarter of 2018, a 15.9% increase from $60.4 million for the same period of 2017. Room revenues were $27.1 million for the second quarter of 2018, a 16.0% increase from $23.3 million for the same period of 2017. Average daily rate ("ADR") was $272, a 15.7% increase from $235 for the second quarter of 2017. Occupancy increased to 99.4% for the second quarter of 2018, from 97.5% for the same period of 2017. Revenue per available room ("REVPAR") was $271, an 18.3% increase from $229 for the second quarter of 2017.

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