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%
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%.
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%.
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.