It’s become a common refrain among gaming companies with a presence in Macau. That is, the Chinese market is indeed a drain on profits, and Wynn Resorts is not an exception.
For Wynn Resorts It’s All About Las Vegas
While Macau remains a thorn in the six concessionaires’ sides, they were able to offset turbulence in Chinese territory with a focus on the Las Vegas Strip and in Boston.
Wynn’s Las Vegas operations increased adapted asset EBITDA by $12.3 millions during the third quarter, while revenue at Encore Boston Harbor increased by $19.6 million year over year.
Wynn shares are down 19.71% year to date, but up 14.49% in the last month, thanks in part towards the headlines that Tilman Fertitta’s Fertitta Entertainment has taken a 6.1% stake with in gambling giant.
Wynn Interactive Enhancements
Earlier this year, it was reported that Wynn was looking to sell its Wynn Interactive division, which includes WynnBET, at a steep discount. Even so, the transaction did not go through, but also things are improving at the digital gaming unit. In the 3rd quarter, altered property EBITDA for such generating revenues by $85.3 million. WynnBET’s cash burn rate decreased by 80% in the third quarter.