Reporting shortly after trading ended on Monday, Wynn Resorts Ltd. (WYNN) showed an increase in revenues but a decline in net profit, primarily attributed to its “lower table holds.”
For the first quarter that ended on March 31, the company said revenues increased to $1.3 billion, compared to last year’s $1.26 billion. Net income fell to $140.6 million or $1.23 per share compared to the $173.8 million or $1.39 per share reported in 2011.
Adjusted property EBITDA (earnings before interest, taxes, depreciation and amortization) dropped to $390.7 million compared to the $405 million reported last year.
A 23.6 percent decline in EBITDA in Las Vegas was primarily due to lower table games hold and partially offset by the 6.9 percent increase in EBITDA from the Macau operations, the company said in an accompanying statement.
In Macau, the company’s net revenues were $950.7 million, a 9.8 percent increase from the $875.7 million reported a year ago. For the quarter in Las Vegas, the company said net revenues declined 8.1 percent to $362.8 million.
As of March 31, the company said its balance sheet showed a cash balance of $1.9 billion with total outstanding debt standing at $5.5 billion.
Terrible’s Hotel & Casino began its transition to a new identity by uninstalling its iconic Terrible’s Cowboy neon sign on Monday. The property will become the Silver Sevens Hotel & Casino in July.
Vegas Sports Books | The LVH Super Book threw out all kinds of cool NFL stuff on Sunday that will give bettors something to chew on for a while. They posted their games of the year along with their season win totals.
The Miami Herald building, although still standing, no longer houses the newspaper operation. As of last week, the Miami Herald building is now owned by Malaysia-based Genting Group, the company that paid $236 million for the right to tear it down.
After paying an $11 million advance to a struggling Atlantic City casino it intended to buy, the parent company of the world’s largest online poker website was left with nothing for its troubles Friday when a judge ruled the casino had the right to scrap the deal.
New Jersey moved forward Friday with its plans to offer Internet gambling, issuing regulations on how the new online bets are to be handled. The state still has not set a date when Atlantic City’s 12 casinos may begin offering Internet bets.
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