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Wynn wins and loses with VIPs
MACAU – Wynn Resorts made more money from its Las Vegas property than it did in Macau during its first full year of operation, but not by much.
Destination Macau reported that over the 12-month period, which included Wynn Macau’s first full annualised quarter-on-quarter comparison since it opened in September 2006, the company earned US$417 million in Vegas and US$364 million in Macau.
In the fourth quarter alone, however, Wynn Macau made more than Vegas – US$99.6 million compared to US$97.3 million in the US.
VIP gaming turnover in Macau nearly doubled compared with the fourth quarter of 2006, at US$11.2 billion, while mass market turnover dropped slightly, to US$507.6 million.
However, profit margins in Vegas are still a way ahead, at 32 per cent compared to Macau’s 26 per cent.
This reflects the higher commissions paid to junket operators who bring in the majority of the VIPs in Macau, and the higher win percentage in Vegas.
It also reflects the huge gap between gaming and non-gaming revenues in Macau. In Vegas, non-casino revenues for the year were US$806 million, significantly higher than casino revenues at US$642 million.
In Macau, non-gaming revenues were a tenth of those in Vegas, at just US$84 million.
Ian Jarrett
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