ADR, RevPAR and Occupancy Drop in Vegas for Both Las Vegas Sands and Wynn Resorts

The Short Take:

  • At its Vegas hotels, room revenue at LVS was flat year-over-year in the third quarter for Las Vegas Sands while Wynn Resorts saw a decline of 5.9%
  • The YoY growth for ADR declined in Vegas declined for both companies.  LVS was down 0.88% while WYNN was down 3.34%
  • RevPAR was also down with LVS dropping 3.18% YoY and WYNN sinking 5.13%
  • Occupancy also fell at the Vegas hotels for both LVS and WYNN

In yesterday’s article we saw that at the Las Vegas properties that Las Vegas Sands and Wynn Resorts operate total revenue and casino revenue were down substantially year-over-year in the third quarter of 2018, and hotel revenue was also weak. Today we’ll dig in deeper to the statistics that drive hotel revenue.

Here’s a table that summarizes the key hotel statistics we will be diving into:

Total Room Revenue

In the third quarter, Las Vegas Sands brought in $138 million in room revenue at its two Las Vegas hotels.  Unlike its casino revenue which declined significantly, the room revenue at LVS was flat compared to Q3 2017.  Wynn, on the other hand, saw a 5.9% drop in its Las Vegas room revenue compared to last year.  For the quarter, the Wynn and Encore hotels on the Vegas Strip saw $111 million in room revenue.

Average Daily Rate (ADR)

The Las Vegas Average Daily Rate, or ADR, at Las Vegas Sands during the third quarter was $225.  This was down $2, or 0.88%, from the same quarter last year.  Wynn’s ADR was substantially higher than Las Vegas Sands, coming in at $289.  But in terms of growth, WYNN was weaker than LVS with it ADR $10 lower than the third quarter of 2017, or a YoY decline of 3.34%.

Revenue Per Available Room (RevPAR)

Las Vegas Sands saw a YoY 3.18% drop in its RevPAR during the third quarter.  Its RevPAR of $213 was $7 less than the same quarter in 2017. Wynn’s Vegas RevPAR fell even further, from $273 last year to $259 this year, or a 5.13% decline.

Occupancy

Both companies also saw hotel occupancy suffer in the third quarter.  At Las Vegas Sands, the occupancy in Vegas was 94.4%, which is 2.6% lower than the third quarter of 2017.  While Wynn’s Vegas occupancy was lower during the quarter than Las Vegas Sands, its 89.6% occupancy was just 1.8% lower than last year.

Overall, like the results in their casinos, the LVS and WYNN hotels struggled in Vegas.  Both companies saw challenges with all hotel metrics – ADR, RevPAR and Occupancy – and this trickled down to either no YoY growth or declines in total hotel revenue.

Las Vegas Battle: WYNN vs LVS

The Short Take:

  • Both WYNN and LVS saw their Las Vegas revenue decline in the third quarter of 2018
  • Total Vegas revenue at WYNN fell 14.1% while LVS saw a decline of 2.1%
  • Total casino revenue in Vegas fell an astounding 28.4% for WYNN and 4.3% for LVS

By digging through the third quarter financial documents that Wynn Resorts (WYNN) and Las Vegas Sands (LVS) provided within the last few weeks, we see that neither companies’ Las Vegas resorts performed well in the quarter.  While both of these companies now get a vast majority of their revenue and earnings from their Macau casinos, Vegas is still important to them, so we’ll dig into some of the metrics to see what drove the overall declines in Las Vegas revenue for both of these companies.

Here’s an overview of the WYNN and LVS data we’ll be looking at:

WYNN and LVS were very close in terms of total net revenue from their Las Vegas operations.  WYNN, which operates the Wynn and Encore on the Strip, brought in $399 million in revenue during the quarter.  LVS’ two Las Vegas properties, Venetian and Palazzo, saw revenue of $379 million.

While these total revenue numbers look encouraging, they are actually disappointing.  Both companies saw their year-over-year (YoY) Las Vegas revenue shrink during the third quarter.  Vegas revenue at LVS fell 2.1% compared to the same quarter last year. WYNN was even worse, falling 14.1% versus Q3 2017.

What drove this decline in revenue?  For both companies, two of the main revenue drivers are casino revenue and rooms revenue, or revenue from their hotels.

On the casino side of the equation, WYNN brought in about $93 million from gamblers during the quarter. This was a huge decrease compared to the same quarter in 2017.  In fact, casino revenue was down 28.4% YoY.

Read More: Wynn Resorts Casino Revenue Grows 13.6% in Q3, but Vegas Takes a Hit

Las Vegas Sands also saw a decline in casino revenue, but it was nowhere near the magnitude of Wynn’s. LVS Vegas casino revenue for the third quarter came in at $88 million.  This represents a YoY decline of 4.3%.

Read More: LVS Casino Revenue Increases but Some Properties Struggle

The other huge Vegas revenue driver for both of these companies is rooms revenue.  While not as scary as casino revenue, rooms revenue was not exactly stellar in the third quarter.  WYNN saw rooms revenue for the quarter come in at $111 million, a 5.9% drop from last year. LVS’s rooms revenue was flat compared to the same quarter last year, settling at $138 million for the quarter.

We’ll be keeping an eye on the both WYNN and LVS so check back to see if this downtrend in Las Vegas business continues for these casino behemoths, or if what we saw in Q3 was just a blip.

Las Vegas Revenue Falls 4.6% on Average at Six Major Casino Companies in Q3

The Short Take:

  • Combined, six major gaming companies brought in $3.8 billion of revenue from their Vegas operations which is a 4.6% year-over-year decrease
  • Out of the six companies in this study, only one, Red Rock Resorts, posted YoY increases in Vegas revenue
  • Wynn Resorts was the worst performing company in terms of Vegas revenue in this study, seeing its Las Vegas revenue falling 14.1% YoY

With the third quarter results of the most of the large casino companies now in the rear-view mirror we decided to take a look at how each company performed in Las Vegas.  Many of the companies report separate revenue line items for their Vegas operations.  Others, like MGM do not, but they do provide revenue per property which we used to produce the Vegas revenue results.

As expected, MGM Resorts (MGM) was the top player in Vegas in terms of net revenue during the third quarter of 2018.  MGM’s total net revenue for the nine casinos it operates on the Strip totaled over $1.45 billion.  In second place, Caesars Entertainment (CZR) squeezed out $910 million in revenue from its Vegas locations.

Wynn Resorts (WYNN), Red Rock Resorts (RRR) and Las Vegas Sands (LVS) all had very similar total Vegas revenue in the third quarter.  Their net revenue was in the upper $300 million range.  Boyd Gaming (BYD) brought in almost $268 million through its two Vegas revenue segments: casinos that cater to Las Vegas locals and its downtown Vegas properties.

Here’s an overview of the Las Vegas revenue by company for the third quarter of 2018:

 

While these revenue numbers seem impressive, all but one of these companies saw year-over-year decreases in its Vegas revenue.  Several saw dramatic decreases.

The only company on this list that grew its Vegas revenue was Red Rock Resorts which owns or partially owns 20 casinos in town including the Station casinos.  Red Rock’s Las Vegas revenue rose 3.9% year-over-year compared to the third quarter of 2017.  Boyd Gaming’s Vegas revenue just missed a YoY breakeven, falling 0.2%.

Las Vegas Sands and Caesars Entertainment saw modest YoY Vegas revenue decreases.  Las Vegas Sands’ was down 2.1% YoY while Caesars’ declined 2.4%. MGM Resorts fared worse.  Its local properties’ revenue sank 6.5% YoY.

The worst performing company in terms of YoY growth of Vegas revenue was by far Wynn Resorts.  Maybe this had something to do with the turmoil that occurred in the executive boardroom with the ouster and public flogging of ex-CEO Steve Wynn, but regardless of the reason the 14.1% YoY decrease in net revenues at the company’s two Vegas resorts was astounding.

Here’s a look at the YoY growth of each companies’ Las Vegas revenue:

All-in-all, the third quarter Las Vegas revenue for these major players was disappointing.  Taking in aggregate, all six companies discussed in this article produced about $3.8 billion in Vegas revenue during the quarter. This was a fairly substantial decrease of 4.6% compared to Q3 2017.   Here’s to hoping that the fourth quarter results are better for Vegas!

All of Wynn Resorts’ Macau Revenue Segments Up YoY; Casino Revenue Up 19.4%

The Short Take:

  • Total  revenue from Macau was $1.31 billion for the third quarter of 2018 at Wynn’s two overseas properties, a 20.5% year-over-year increase
  • Wynn’s Macau casino revenue jumped 19.4% YoY in the third quarter, hitting $1.129 billion
  • The Rooms revenue segment had the largest YoY growth of any segment, rising 37.1%

When Wynn Resorts reported its third quarter earnings a few days ago, we saw that revenue out of its Macau properties came in at $1.31 billion for the quarter.  This represents a year-over-year increase of 20.5% for the Macau revenue.  Further, the Macau revenue makes up 76.7% of the total revenue for Wynn Resorts.

So where did the Macau revenue increases come from during the third quarter?  Wynn reports revenue in four distinct revenue segments: Casino, Rooms, Food & Beverage and Entertainment, Retail & Other.  All four revenue segments saw positive year-over-year growth for the Macau revenue.

Over 86% of the Macau revenue came from the Casino revenue segment.  Revenue from the Macau casinos hit $1.129 billion for the quarter, up 19.4% from the third quarter of 2017 when the casinos brought in $945.9 million. (Read more: WYNN Casino revenue up 13.6% company-wide).

 

Macau revenue from Rooms at the two hotels, the Wynn Macau and the Wynn Palace, totaled over $72.4 million in the third quarter.  The Rooms segment had the largest YoY increase of any segment, jumping 37.1% versus the third quarter of 2017.  Rooms contributed 5.5% of the revenue out of Macau. (Read more: WYNN RevPAR, ADR and Occupancy for Las Vegas and Macau).

The Entertainment, Retail & Other revenue segment posted the second highest YoY growth, rising 30.4% YoY.  The $63.4 million in entertainment and retail revenue in the third quarter was almost $14.8 million more than a year earlier and made up 4.8% of Macau revenue.

The final revenue segment is Food & Beverage.  While not as strong on a YoY basis as the other segments, it still posted decent annual growth of 13.8%, with revenue coming in at over $45.3 million for the quarter. Food and beverages contributed 3.5% of Macau total revenue.

We’ll be keeping an eye on all of the action at WYNN and all of the other gaming companies, so bookmark us and check back soon!

Wynn Hotel Statistics for Q3 2018: Las Vegas Falls

The Short Take:

  • Wynn Resorts’ Las Vegas Rooms revenue was the highest among the company’s properties, but it saw a decline of 5.9% YoY
  • Wynn Macau’s RevPAR of $273 was the highest in the company while the Las Vegas hotels had the highest ADR at $289
  • The Las Vegas hotels, the Venetian and Palazzo, saw weak occupancy of 89.6% which is down 1.8% versus the same quarter last year

In the third quarter of 2018, Wynn Resorts’ total Rooms revenue from its hotels increased 7.4% year-over-year compared to the third quarter of 2017.  Total Rooms revenue for the quarter came in at just over $183 million.

Total Rooms Revenue by Location

The company’s Las Vegas Operations, which includes the Strip’s Venetian and Palazzo hotels, contributed well over half of the total Rooms revenue, bringing in $110.7 million for the quarter.  On the downside, this was a YoY decline of 5.9%.

 

In Macau, the Wynn Palace’s hotel rooms brought in $44.3 million in revenue while the Wynn Macau sold $28,100 worth of hotel rooms.  The Palace saw its Rooms revenue skyrocket 34.6% YoY while the Wynn Macau’s YoY growth was negative 4.7%

RevPAR

While the Wynn Macau’s Rooms revenue declined 4.7%, it had the highest RevPAR (revenue per available room) at $273.  This was slightly ahead of Wynn Palace’s $264 and the Vegas hotels’ $259.  The Macau hotels both saw double digit YoY RevPAR growth while the Las Vegas hotels’ RevPAR fell 5.1%.

 

ADR

The Las Vegas hotels’ Q3 2018 ADR (average daily rate) of $289 was the highest company-wide, but still a drop of 3.3% compared to the third quarter of 2017.  The Wynn Macau and Wynn Palace both had about the same ADR for the quarter, $276 and $275, respectively.    Both Macau hotels also saw significant YoY RevPAR growth with the Palace’s growing 25.6% and Wynn Macau’s increasing by 12.2%.

Occupancy

The Macau hotels saw their usual near-sold out hotel occupancy for the quarter.  The Wynn Macau occupancy of 99.0% was 1.7% higher than last year while the Wynn Palace’s occupancy ticked down 0.1%, coming in at 96.0% for Q3.  The Vegas hotels fared worse.  The occupancy in Vegas of 89.6% for the quarter was a decrease of 1.8% versus last year.

Overall, the third quarter hotel results were fairly strong for Wynn’s Macau hotels.  Las Vegas, on the other hand, was a different story.  Like its Casino revenue, the Rooms revenue was very soft in Q3.

Wynn Resorts Casino Revenue Grows 13.6% in Q3, but Vegas Takes a Hit

The Short Take:

  • Wynn Palace in Macau had both the highest overall casino revenue of the company’s properties and it also had the largest year-over-year casino revenue growth
  • At the gaming tables, Wynn Macau’s average win per gaming table per day among the profitable VIP customers fell 18% YoY
  • Wynn’s Las Vegas casinos struggled during the third quarter, with casino revenue down 28.4% year-over-year

While Wynn Resorts’ (WYNN) total casino revenue of $1.22 billion was an increase of 13.6% in the third quarter of 2018 versus the same quarter a year ago, the growth was far from equal across Wynn’s properties.

Total Casino Revenue

The Wynn Palace in Macau had the highest casino revenue in the third quarter, coming in at over $635.5 million.  This represents an amazing 39.9% year-over-year growth rate.

 

 

Wynn Macau’s total casino revenue inched up just 0.9%, from $498.8 million in Q3 2017 to $503.6 million this year.  On the other hand, casino revenue at the company’s Las Vegas operations, which include the Venetian and Palazzo casinos, fell an astounding 28.4% YoY.  The Las Vegas casino revenue was well under $100 million at $92.9 million.  This is a $36.8 million drop from the third quarter of 2017.

One interesting way to look at the casino revenue is on a unit win per day.  To do that we’ll take a look at the average win per slot machine per day and the average win per gaming table per day at the three Wynn properties during the third quarter.

Win Per Gaming Table Per Day

For its two Macau casinos, Wynn breaks up table game wins into two customer groups: VIP and Mass Market. VIP’s are the high rollers while Mass Market comprises the regular casino goers.

The Wynn Palace dominated both of these markets at the gaming tables.  It’s Mass Market win per gaming table per day was $16,291 which is a 55.3% YoY increase.  In the more profitable VIP space, the daily win per gaming table shot up 22.5% compared to the same quarter last year, to $51,463 won every day at each table on average.

 

Wynn Macau held its own at the tables with the Mass Market crowd.  The daily win per table for this segment hit an average of $13,625, a 19.4% increase from last year.  Where Wynn Macau faced some issues was with the VIP crowd.  The average win per gaming table per day fell a staggering 18.0%. The Q3 2018 win was $42,061 per table per day, a $9,263 drop from the same quarter of 2017.

On YoY growth terms, the Las Vegas casinos fared even worse.  The average daily win per gaming table was $4,003 per day in Q3, a 34.0% YoY drop.

Win Per Slot Machine Per Day

The daily win per slot machine tells just about the same story as the gaming table wins.  In Macau, Wynn Palace in Macau had a 14.2% increase in the average slot machine win per day, growing to $474 per machine.  Wynn Macau did not perform as well, but it did still have positive YoY growth.  It’s $447 average win per machine per day was 6.2% better than the same quarter last year.

Vegas, though, ran into trouble at its slot machines.  Slot wins per day per machine fell 4.6% compared to Q3 2017.  Each slot machine won $334 on average per day during the quarter, a decrease from last year of $16 per machine each day.

 

As you can see, the casino revenue and wins for the Wynn properties are definitely a mixed bag. Wynn Palace performed well, but probably at the expense of Wynn Macau.  Las Vegas faced some strong headwinds, possibly resulting from the executive boardroom turmoil and also a slight downdraft in overall Vegas business.

WYNN Segment Revenue: Casino Revenue Jumps 13.6% YoY

Wynn Resorts just reported its third quarter 2018 results.  WYNN reports revenue in four segments: Casino, Food & Beverage, Rooms and Entertainment, Retail & Other.  Three segments had positive year-over-year (YoY) increases in revenue and one segment was negative.  Here is a quick overview of the revenue by segment for the quarter.

Casino revenue hit $1.222 billion for the quarter.  This is a year-over-year increase of 13.6% compared to Q3 2017.  This was the largest YoY increase of any of the four revenue segments.

The Rooms segment had a YoY increase of 7.4%.  Total Rooms revenue surged to $193.874 million.

The Entertainment, Retail & Other category also saw a YoY increase.  The segment’s revenue of $183.044 million is a 4.5% increase from the same quarter last year.

The only segment that saw a decrease was Food & Beverage.  Food and drink sales decreased 3.1% YoY, coming in at $110.125 million.

Here are two charts that show the segment revenue and the YoY growth for each of Wynn’s revenue segments:

 

Stay tuned as we digest all of the WYNN stats and figures.  We’ll have more reporting for you soon.

How Much Does a Casino Company Make from Gambling?

The Short Take:

  • Local gaming companies like Penn National Gaming get the vast majority of their revenue from gambling. People go to their locations to do one thing – gamble
  • Companies with the majority of operations in Asia (Wynn Resorts and Las Vegas Sands), specifically Macau, also get a large portion of their revenue from gambling due to the volume of gamblers and high rollers
  • Gaming companies such as MGM and Caesars that have a dominant presence in destination locations like Las Vegas and Atlantic City get a smaller percentage of their revenue from gambling.  Other amenities such as dining, shopping and shows are big draws for these locations

In the good ‘ole days, casinos were just that.  Big rooms filled with slot machines, blackjack tables and crap pits.  Sure, there was a restaurant or two and some shows, but these amenities were just there to keep the players in the building.

Today, many casinos resorts are much more.  They are filled with amazing restaurants from celebrity chefs, some of the highest end malls in the country and gigantic venues where the world’s top singers and comedians hold residencies.

That got us wondering, how much does a casino company make from gambling these days?  For many people, the restaurants, shows and great hotel accommodations are the draw to Vegas and other destination areas, but in their hearts these gaming companies still exist to draw you into the casinos.

To get an idea of how much gaming companies make from their casinos, we looked at the total revenue of six large companies and then figured out the percentage of that total revenue that comes from gambling.  As you’ll see, the percentages of total revenue that comes from the casino varies greatly by company.  All data used is as of the 9/30/18 quarter with the exception of Wynn.  Wynn data is as of the 6/30/18 quarter.

The two gaming companies with the highest percentage of total revenue originating from their casinos are Penn National Gaming and Boyd Gaming.  These two companies operate smaller casinos in local markets around the U.S. and casinos in Vegas that cater to locals.  Penn National gets 81.9% of its total revenue from its casinos while Boyd gets 73.0%.

It’s no surprise that the vast majority of revenue comes from casinos for these two companies.  Their properties typically do not have the high-end dining and shopping, or the headline shows.  Their customers go to these casinos for one thing – to gamble.

Overview of the percentage of casino revenue as a percentage of total revenue for six of the top gaming companies:

The next two companies on the list also get a huge percentage of their revenue from gambling, but for different reasons than Boyd and Penn National.  Las Vegas Sands and Wynn Resorts both have Las Vegas casinos, but their bread and butter are their operations in Asia, specifically Macau.

While the Vegas resorts owned by both Wynn and LVS are filled with top shelf dining and shopping, their Asian casinos are geared much more to gambling.  Many people arrive by junket with their sole goal being gambling for the day.  Even though there are top level amentias, shows and dining at these facilities, the vast number of people, and the huge number of high rollers, that gamble at these casinos prop up the casino revenue which overwhelms all of the other revenue segments. As a result, company-wide, Las Vegas Sands gets 71.6% of its revenue from gambling and Wynn Resorts get 68.5%.

Percentage of total revenue that comes from gambling:

 

Finally, Caesars Entertainment and MGM Resorts get the least of their revenue from gambling out of the six companies we looked at, around 50% each.  Caesars does not have casinos in Macau and its many casinos in both Las Vegas and Atlantic City provide many non-gaming options like fine dining and amazing shows.  MGM does have operations in China, but unlike Wynn and Las Vegas Sands, the vast majority of its revenue comes stateside.  These domestic resorts pull in much more non-gaming revenue than the Asian resorts.

While these gaming companies typically do not break down their revenue by gaming and non-gaming on a location-by-location basis, the aggregate data they provide can lead us to some pretty solid conclusions:

  • Casinos in destination areas in the United States such as Vegas, and to a lesser extent Atlantic City, receive less revenue from gambling as a percentage of their total revenue since their non-gaming amenities are such a huge draw.
  • Local casinos throughout the U.S. are mainly draw day-trippers who go just to gamble. 
  • Asian properties are also heavily focused on gambling and the whales that play at these casinos generate so much revenue for the casinos that even the high-end amenities are overwhelmed by the casino revenues.

So the next time you’re in Vegas or your local casino, look around at all of the amenities that are offered, but be sure to know that the company really wants you to stay seated at the slot machine or gaming table.

Preview of WYNN Third Quarter Report

When Wynn Resorts reports its third quarter earnings on Wednesday, November 7, they will issue a bevy of data. Of course, they will announce the quarterly EPS and total Revenue, but they will also provide company-specific revenue drivers that can be just as important as EPS.

To prepare for the Wynn Q3 2018 report, we’ve put together some data from the Q3 2017 quarter.  These are good metrics to keep an eye on when Wynn reports on Wednesday and compare what is reported with the comparable 2017 data.

Important note:the Q3 2017 data below has not yet been adjusted for ASU No. 2014-09, Revenue from Contracts with Customers, which reclassifies promotional items such as comps from mainly Casino revenue to the appropriate segment based on the good or service provided. The Q3 2017 data should be updated when Wynn reports its Q3 2018 earnings.

The first item to watch for is revenue by segment.  Wynn usually provides revenue in four segments, with Casino revenue and Rooms revenue probably the most important to watch.

Company-Wide Operating Revenues by Segment Q3 2017
Casino Revenue $1,256,602
Rooms Revenue $175,108
Food and Beverage Revenue $190,854
Entertainment, Retail & Other Revenue $105,500

 

Next, Casino revenue by property provides insight into how the company’s casinos are doing in its two big revenue regions – Macau and Las Vegas:

Casino Revenue by Property Q3 2017
Wynn Macau $567,667
Wynn Palace $514,518
Las Vegas Operations $174,417

 

Hotel revenue is very important for Wynn.  We expect the usual hotel statistics when Wynn reports later this week, including Occupancy, ADR and RevPAR:

Hotel Occupancy Q3 2017
Wynn Macau 97.3%
Wynn Palace 96.1%
Las Vegas Operations 91.4%

 

Average Daily Rate (ADR) Q3 2017
Wynn Macau $246
Wynn Palace $219
Las Vegas Operations $299

 

Revenue Per Available Room (RevPAR) Q3 2017
Wynn Macau $240
Wynn Palace $211
Las Vegas Operations $273

We’ll have full coverage of Wynn’s Q3 announcement on Wednesday, with special attention to the company-specific revenue drivers, so check back then!

Overview of Wynn’s Q2 2017 Casino and Room Revenue

Wynn Resorts (WYNN) reported its second quarter 2017 earnings this evening and we will take a dive into the company’s reported casino and room revenue stats.

Casino Revenue

For the second quarter, the company on whole had casino revenue of $1.167 billion, or a 57.0% increase from the second quarter of 2016.  While this seems like an amazing growth rate, it is not an apples to apples comparisons because last year the company’s newest property, the Wynn Palace was not open, so we need to dive into the operating segments to get growth numbers that make sense.

The Wynn Macau brought in $654.7 million in casino revenue in the second quarter which is a solid 7.4% increase from a year ago.  The company’s Las Vegas operations, which include Wynn and Encore, posted a 4.8% increase in casino revenue with $139.3 million in the second quarter.  The Wynn Palace’s total casino revenue contributed $372.2 million in casino revenue, and no year-over-year comparison is available since this property was not open during Q2 2016.



Room Revenue

Company-wide, room revenue brought in $176.2 million in the second quarter of 2017, a 23.3% increase from the same quarter a year earlier, which does not include the Wynn Palace.  Wynn Macau had $25.7 million in room revenue, a 12.2% decrease from Q2 2016.  The Las Vegas operations faired better, posting a 1.3% year-over-year growth rate with $115.1 million in room revenue in the recently reported quarter.  Wynn Palace rang up $35.4 million in room revenue this quarter.

Hotel Occupancy, ADR and REVPAR

While the Wynn Macau saw its occupancy rate increase to 97.5% in Q2 2017 vs 91.5% in Q2 2016, its average daily rate (ADR) and revenue per available room (REVPAR) both decreased double digits.  In the quarter reported today, ADR came in at $258, down 19.6% versus the $321 reported in the second quarter of 2016.  REVPAR slid 14.3%, coming in at $252 in Q2 2017 vs $294 a year earlier.



Wynn’s Las Vegas properties also posted year-over-year occupancy increases.  In the second quarter of 2017 it sold 88.7% of its rooms compared to 85.3% a year earlier.  ADR and REVPAR were a mixed bag.  ADR decreased 1.9% year-over-year with an average daily rate of $302 in 2017 compared to $308 a year earlier.  REVPAR increased by 1.9%: $268 this quarter vs $263 in the same quarter a year ago.

Wynn Palace posted occupancy at 96.2% with ADR of $232 and REVPAR of $224 for the second quarter of 2017.

In after hours trading, WYNN stock is down 3.8% after releasing its Q2 2017 report.