Wynn Resorts announced second quarter results today, including 64 days of operation of Wynn Las Vegas.
The company reported a loss of $35.2M, mostly caused by opening expenses for the resort.
In those 64 days, Wynn Las Vegas (WLV) generated $201M in revenue, or $3.14M/day. Of this revenue, gaming was $98M, or almost 50%. Slots were $34M of that, tables $62M.
ADR (average daily rate) for the hotel was $284 with occupancy rates of 90.1%.
WLV EBITDA was $58.7M, meaning margins of about 30%. Pre-opening costs were $37M.
Steve Wynn's statement follows:
"The initial response from customers and employees has been very gratifying. In our first two months of operations, we achieved outstanding revenue numbers in various departments including slots, tables and retail. We deliberately and substantially overstaffed in order to offset our expected initial disadvantages in productivity: we had more than 9,000 employees working with approximately 58 newly integrated operating systems. In the upcoming months, our main focus will be on raising margins through increased operational efficiencies."
Complete Press Release: Wynn Resorts 2nd Quarter