Tuesday, July 25, 2017

Wynn Second Quarter 2017 Earnings

Wynn Resorts released second quarter 2017 earnings today and held their earnings conference call. Revenue and net income were both up year over year due to the addition of Wynn Palace in Macau and helped by higher hold percentage in both Las Vegas and Macau.

Steve Wynn discussed the plans for the redevelopment of the Wynn golf course in Las Vegas. It appears that plans for the course are on track and drawings are being finalized.

The golf course will be redeveloped to include a lagoon along with new hotel rooms and convention space.

Steve Wynn commented that this land is extremely valuable due to its proximity to the Las Vegas Convention Center along with the Sands Expo Center.

Wynn also updated operations in Macau. Wynn Palace is doing well but is currently being somewhat adversely affected by construction at the neighboring MGM Cotai resort being built.

Back stateside Wynn Boston Harbor opening date will be in 2019 with construction now well underway. The company is also buying more property in the Boston / Everett area with an eye on future expansion.