Tuesday, July 29, 2014

Wynn Posts Strong Las Vegas Results

Usually when Wynn Resorts reports quarterly earnings results Las Vegas is hardly mentioned. Macau gets most of the attention these days, and for good reason - Wynn and Encore Macau account for more than double the revenue of their Sin City counterparts. The numbers will be skewed even more towards Asia when Wynn Palace opens on Cotai in 2016.

This time though Las Vegas stole back a bit of the spotlight. Second quarter 2014 revenue grew 12.5% which is robust for a Las Vegas market which has been fairly flat over the past few years. The success seems to be ongoing, as Steve Wynn revealed on the earnings conference call that July in Las Vegas could be the strongest he's ever seen.

The strong Vegas numbers even prompted one analyst to ask if certain high rollers were choosing Las Vegas over Macau, a notion that was seemingly dismissed by Steve and co.

Wynn isn't a great bellwether for the city as a whole since they cater to the very top end of the market. That being said it's nice to see some good numbers for Las Vegas and hopefully other hotels on the Strip will see some encouraging results as well.