Wynn Resorts Ltd. (WYNN.O) today second-quarter net income fell 91 percent, hurt by lower gambling revenue and the continuing costs of opening the Encore at Wynn Las Vegas casino.
The company reported net income of $25.5 million, or 21 cents per share, down from $272 million, or $2.42 per share last year. Adjusted to exclude one-time items, net income totaled 9 cents per share.
Revenue fell to $723.3 million,12.3 percent below last year’s second-quarter revenue of $825.2 million.
Casino revenue in Las Vegas rose 3 percent to $124.3 million, while non-casino revenue rose 9 percent to $231.9 million. Revenue in Macau fell 23 percent to $410.4 million from $529.9 million last year.
The company said its Las Vegas results are not comparable with a year ago because it opened its second resort there only in December.
Last week, Wynn filed for a possible initial public offering of its Macau assets on the Hong Kong Stock Exchange. The company is building the $650 million Encore at Wynn Macau, due to open next year, with 600 rooms and suites along with casino, restaurant, retail and lounge space.