Wynn Resorts has reported a 30.5 per cent year-on-year rise in net income for the fourth quarter of 2016, attributed to strong revenue from Wynn Palace, and offset by decreased earnings from Wynn Macau.
According to a filing from the operator, net revenues for the fourth quarter of 2016 was $1.3 billion, representing an increase of 37.3 per cent year-on-year.
“The increase was the result of $418.7 million from Wynn Palace, partially offset by decreases of $57.2 million from Wynn Macau and $7.9 million from our Las Vegas Operations,” said the operator in a press release on Friday.
Net income was $113.8 million in 2016 Q4, an increase of 30.5 per cent, compared to $87.2 million in 2015 Q4.
For the full year 2016, net revenues were $4.5 billion, representing an increase of 9.6 per cent, while net income was $242 million, up from $195.3 million in 2015.
The operator, which opened its new Wynn Palace property in August 2016, posted Wynn Palace net revenue at $418.7 million, while adjusted property EBITDA was $77.5 million in the fourth quarter of 2016.
Wynn Macau, on the other hand reported a 10.3 per cent decrease in net revenue in the fourth quarter of 2016, down to $498.4 million, while adjusted Property EBITDA was $148.9 million, a 7 per cent decrease from $160.1 million for the same period of 2015.