Strong performance from Wynn Resorts’ Macau casinos helped to offset a significant decline in revenues at the company’s Las Vegas properties in the first quarter of the year.
The US-based operator reported net revenues of $1.3bn during the three months to March 31, compared with $1.26bn a year earlier. This revenue increase was driven by a 9.8 per cent increase in revenue from its Macau operations. By contrast, Wynn’s Las Vegas casinos saw revenues decline 8.1 per cent.
Wynn’s overall net income stood at $140.6m for the first quarter, down from $173.8m recorded in the first three months of 2011.
The fallout with key shareholder Kazuo Okada also proved costly, however, with the redemption of his company Aruze USA’s shares contributing to a $12m increase in corporate expenses.
