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.