Wynn Nets $214 million in Quarter
Feb 4, 2014
With casino revenues down in the US Vegas investors strike gold in Macau
Wynn Resorts Ltd. reported nearly doubled profits in the final quarter of last year, driven primarily by its success in the burgeoning casino city of Macau. Net income came in at $214 million, with total revenue at $1.52 billion. Vegas mainstays Wynn and Sheldon Adelson’s Las Vegas Sands company have essentially save their firms by investing in Macau.
Land-based casinos are suffering from falling revenues in the US. Adelson blames the industry’s woes on the growth of online and mobile casino gambling. Wynn and Sands have been able to avoid the decline by moving into Macau.
Vegas moves to the Pacific
The autonomous Chinese city of Macau is now the world’s biggest casino destination. Dubbed the “Asian Las Vegas” the city attracts gamblers from all over Asian and is now the preferred investment destination for international casino companies.
Sands Macau made casino gambling news last year by making a monthly-record $4.57 billion in October. The Macau casinos have benefited from several factors, including rising incomes and entertainment budgets among Chinese, the lack of casino options in Asia making a hub for international gamblers, and the fact that Vegas investors have built extremely luxurious establishments to serve high rollers.