Macau continues to be the magic fix-all for the problems and policy mistakes of casino operators as strong performance in the Asian gambling enclave brought a rare profit to Wynn Resorts quarterly reports. Wynn detailed profit increases of 82 percent and revenue rising 32 percent at its Macau casinos, making the company profitable for only the second quarter over the last six.Las Vegas gambling also made a comeback, albeit a slower one, as Wynn revenue rose by over 9 percent, and the Wynn casinos' operating loss narrowed. But Macau is the dominant wind behind the Wynn gaming ship these days, to the point that Steve Wynn has begun speculating on moving his headquarters to Macau.
Corporate excess in building lavish resorts financed by enormous loans, along with a corporate bottom-line mentality that cost Las Vegas its rep as the city of comps, had exacerbated the effects of the recession on destination gambling palaces. But Macau seems to forgive all, and even though gaming operators blindly follow the same path from which they barely escaped, the casino gambling frenzy in Asia is bringing huge profits.
Wynn reported first quarter profits of $27 million, up from last year's loss of $33.8 million. That means shareholders earned 22 cents a share, as opposed to losing 30 cents a share in 2009.
Overall casino revenue rose 28 percent, and in Las Vegas 19 percent. However, Vegas occupancy rates stayed below 90 percent, and hotel revenue was down almost 9 percent.
Published on April 29, 2010 by A.J.Maldonado
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