Boston, MA 05/06/2014 (wallstreetpr) – Developer, owner and operator of destination casino resorts, Wynn Resorts, Limited (NASDAQ:WYNN), has reported its earnings for Q1 2014. Compared to $1,387.7 million in Q1 2013, net revenues for Q1 2014 have increased to $1513.6 million.
Under US GAAP norms, net income for Wynn this quarter reached $226.9 million or $2.22 per diluted share where as in the last year Q1, the same number was $203 million, or $2.0 per diluted share. The growth in revenue, which is higher than industry standards, has been attributed to a 14.2% growth in Macau operations.
Company announces cash dividend
Wynn has also announced a cash dividend of $1.25 per common share, for this quarter.
In Macau, Wynn Resorts, Limited (NASDAQ:WYNN) reported net revenue of $1,132.7 million as compared to $992.1 million in Q1 last year, which is an increase of 14.2%. Table games in VIP segment showed a 24.7% increase, with turnover reaching $36.0 billion. Currently, the construction of a fully integrated resort with 1700 rooms, casino, spa, and many other luxuries, Wynn Place Project, is going on in Cotai, Macau. The total budget of the project is $4.0 billion and is expected to open in first half of 2016. During Q1 2014, approximately $163.1 million were invested in this project. The company has signed a $2.6 billion guaranteed maximum price contract for the construction of same.
In Las Vegas, the net revenues decreased 1.5% from Q1 2013, reaching $380.9 million. Adjusted property EBITDA was also down by 8.4% mainly because of the decline in table games win percentage. Except for Casino revenue, which was down by 11.9%, room revenues were up by 12.6%, and retail, entertainment and other revenues improved by 9.4% from last year’s same quarter. A positive increased footfall and revenue were seen in Wynn Las Vegas retail shops, spa and other event services.
The results boosted the stock price closing by 7% on Friday evening.
