High rollers push Macau resort's quarterly profit to US$41m
Wynn Resorts, the Nasdaq-listed casino developer controlled by Las Vegas billionaire Steve Wynn, said first-quarter profit at its casino hotel in Macau rose strongly from the previous quarter on soaring turnover from high-rolling customers.
Operating income at the Wynn Macau, which cost US$1.2 billion and opened on September 6, leapt 81 per cent to US$41.06 million from US$22.69 million in the fourth quarter of last year. Resort-wide revenue rose 22 per cent to US$304.6 million.
The 600-room Wynn has leveraged its position as the first full-service Las Vegas-style resort hotel in the territory, growing its market share at the expense of incumbents.
Rival Sands Macao casino, which has been open since May 2004, has only 51 VIP suites. Sands Macao last week reported its first fall in operating profit, to US$90.56 million, a drop of 8.8 per cent from a quarter ago and 3.6 per cent a year earlier.
Wynn Macau's 39 private VIP gaming tables recorded a massive US$7.2 billion in gaming chip sales during the period, up 9 per cent from the previous quarter.
It won a higher-than-average percentage of bets, recording a 'hold' equal to 3.3 per cent of VIP chip sales compared with an expected 2.85 per cent. That pushed up the casino's net winnings from VIP play by 38 per cent from the previous quarter to US$237.6 million before tax and junket commissions.
