Wynn Resorts To Commence Work on Mega Las Vegas Project
The Chief Executive Officer of Wynn Resorts Ltd. Steve Wynn has announced that the construction of the Paradise Park project is expected to start by the end of 2017. At an investor call last week, Wynn confirmed that the project was ready for its development phase.
In a statement Wynn said,
I think we have nailed it down. I hope to take the business plan to our board of directors in the second quarter and be in a position to begin work in the fourth quarter. We want to take our non casino revenue to enormously high levels
The Paradise Park project will create a 38-acre lagoon with a complex that will have extensive facilities including a convention centre and a hotel along the Strip. Wynn noted that in the future non-gaming attractions would be the primary focus for the company, stating that it was these attractions that would be responsible for bringing in people to gaming facilities.
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Commenting on the company’s fourth quarter results, Wynn highlighted that the net revenue was up by 37.3 percent, beating analysts’ estimates. Revenue increased by $353.5 million reaching $1.3 billion in the last three month of 2016. Analysts had expected the company to post revenue of $1.25 billion. Share prices went up despite profits missing estimates after Wynn stated that business in the company’s Chinese properties were experiencing a strong revival.
Net income was up by 31 percent reaching $113 million from the $87.2 million registered last year. But net income would have dropped to $51 million if adjusted for a non-recurring gain according to the company.
The growth in revenue was primarily attributed to Wynn Resort’s new property in Macau, the Wynn Palace, as revenue from Wynn Macau and Las Vegas properties declined on a year-on-year basis in the last quarter of 2016. The financial result for the latest quarter represents the first full quarter of operation for Wynn Palace.
According to Wynn, just four months after its opening, Wynn Palace was currently generating $1.6 million as operating income per day. He stated that the hotel at the property was already operating at 90 percent occupancy which was more than anticipated.
He observed that the performance of mass market segment was highly successful in the Cotai district and would further go up after nearby construction gets wrapped up in the second half of this year as it was currently affecting pedestrian traffic.
The company’s Las Vegas operations in January improved their performance over the same period last year. Wynn said that he hoped that the revenue trends would improve as a result of the Chinese New Year in late January and the Super Bowl in early February.
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