This morning Wynn Resorts pre-announced 2nd quarter results for their operating subsidiary that runs the Wynn Las Vegas / Encore resort complex on the Las Vegas Strip. These results do not include Macau operations.
The complete news release is here: http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1449953&highlight=
The results clearly show that Las Vegas is struggling. Wynncore is arguably the very top of the market and compared to a year ago, they are taking a bigger loss. That said, occupancy and ADR don't look as horrible as they could have been. Despite increased occupancy, REVPAR was down.
I'm sure the folks at Wynn are looking down the road at CityCenter without a distinct lack of kind words - adding thousands of rooms into the market has only served to depress rates further (we're still waiting for an increase in supply to raise room rates, as some analysts have suggested would be the case when more rooms come online later this year).
The news release also mentions increased health care costs. Can't wait to hear another episode of the Steve Wynn vs. Obama Show on their next conference call.