Wynn Resorts, Limited reported an operating revenue of $1.69 billion in the fourth quarter last year, 4.0% higher than the same period in the previous year.
Casino operations made up $1.22 billion of this, and was 3.7% higher year on year.
The operator’s Wynn Palace in Macau contributed the most to revenue, with $740.6 million, increasing 12.8% from the fourth quarter of 2017. This is in spite of VIP table games turnover roughly the same year on year, at $16.16 billion. Mass-market table drop in the casino increased 15.6%, to $1.30 billion.
Las Vegas operating revenue was $393.6 million, increasing 3.1% year on year, with table drop up 18.0% to $508.5 million.
Revenue from all Wynn Resorts rooms was $192.4 million, 15.3% higher year on year. Revenue from food and beverages rose 6.1% to $173.2 million, while revenue from entertainment, retail and other items fell 11.9% to $101.2 million.
Adjusted property EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter rose 4.0% to $499.4 million. Net income was $527.3 million, 3.1% less than that from the previous fourth quarter. Net income attributable to Wynn Resorts was $476.6 million, 3.1% less year on year.
Because of reforms from the U.S. Tax Cuts and Jobs Act, “fourth quarter 2018 results reflect a net tax benefit of $390.9 million related to U.S. tax reform, which is incremental to the $339.9 million provisional net tax benefit reflected in the fourth quarter of 2017 results,” the press release read.
Operating revenue for the entire 2018 was $6.72 billion, 10.7% higher than in 2017, with casinos constituting 71.2% of this. Adjusted property EBITDA was up 12.9% at $2.04 billion.
Net income for the year was $814.8 million, 8.4% less than the previous year. Of this, $584.2 million was attributable to Wynn Resorts, 21.8% less than in 2017.
Aside from its Macau and Las Vegas operations, the company is incurring expenses from the construction of its Encore Boston Harbor resort in Everett, Massachusetts. Budgeted at $2.60 billion, $2.03 billion has so far been spent for the project, which is scheduled to open in the middle of the year.