Wynn Resorts LTD, which is based in Las Vegas, and has resorts in Macau as well as on the Strip, reported third-quarter earnings recently. The company is listed on the Nasdaq as WYNN. It reported that it had revenues of $1.49 billion. This is up 6.9 percent when compared to the 2012 third quarter. It also reported higher revenues in Macau, coming in at 9.6 percent, with Las Vegas increasing some 1.1 percent.
As for earnings, the company reports $182 million and this is up 62.5 percent over the 2012 third quarter. Even so, food and beverage profits were down for Las Vegas mostly due to competitive pressures. According to Steve Wynn, Wynn Resorts Chairman, competitors are now laying out more for DJ talent for their various nightclubs and this has taken talent away from his clubs. This has led to lost business. The company’s earnings per share came in at $1.81, and this is up 61.6 percent over 2012 third quarter results.
Wynn has reported that he believes the company is moving forward to have its best year ever. Revenue projections are at $120 million for Macau and coming in at some $54 million for properties in Las Vegas. Wynn has also recently criticized the Massachusetts gaming regulators. Last week they questioned him during a hearing on a variety of topics.
During the hearing, Wynn said that his company plans to continue its bidding in order to build a new luxury casino and hotel in Everett, which is close to Boston. He also said that is somewhat concerned that gaming regulators in the state are being a bit overzealous as they attempt to discover corruption within the gaming industry. Wynn says that he is concerned regulators may take his license even after investing $1.4 billion in Massachusetts.
Wynn went on to say that is shocked that Caesars has already withdrawn its own bid in which it planned to build a casino at the famous Suffolk Downs. It was reported recently that Caesars as pulled out its bid after state regulators discovered that one of its partners has certain ties to Russian organized crime outfits. Wynn also said that strict ethics guidelines prevent company officials from talking to regulators directly unless said talks take place in in public venues which are often far and few between.
On a brighter note, Wynn said that his company is planning on expanding its tourism business within the region and that his company will be able to create several jobs if the plan for the new casino and hotel go through. When he as asked about any timelines concerning the new Massachusetts project, he reported that he wasn’t sure what those were because the local state regulators continue to change them. This, he said, is a problem because his company is required to stick to strict deadlines when it comes to providing information. It remains to be seen how this will all play out as Mass regulators continue to look into Wynn’s company and background.