Wynn Macau’s Second-Quarter Profit Increases 3 Percent
Net income for the three months ended in June rose to $227.3 million from $220.6 million a year earlier, according to a statement posted on Hong Kong stock exchange.
Adjusted property earnings before interest, taxes, depreciation and amortization, or adjusted property Ebitda, declined to $290.1 million for the three months ended in June, according to a statement by parent company Wynn Resorts Ltd. (WYNN) That compares with the $296 million median estimate of nine analysts compiled by Bloomberg News. Revenue increased 2.6 percent to $930.9 million.
Wynn Macau currently operates one casino in Macau. The company has started work on a $4 billion Cotai casino and expects to open the resort in the first half of 2016.
Wynn Macau fell 1.7 percent to close at HK$20.85 in Hong Kong trading before the earning announcement. The stock has dropped 0.5 percent this year, compared with a 3.6 percent decline in the city’s benchmark Hang Seng Index.
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