- As Macau’s casino industry continues to rise, so too do Wynn’s fortunes
- Five-star Wynn Macau has boosted Wynn Resorts’ profits by close to $1.5 bn
Investment in the burgeoning market of Macau continues to pay off, as Wynn Resorts’ newest casino in the city has helped to boost the company’s profits in the first quarter of the year. The five-star Wynn Macau has boosted Wynn Resorts’ profits by nearly half up to $1.48 billion.
A win for Wynn
As a result of this success, Wynn’s shares jumped to 5.7% to $125. This is a 32% increase over the past year for Steve Wynn’s business.
As such, the company has far exceeded the expectations of financial analysts, who were not expecting to see so much growth from Wynn this quarter.
“Business is good for us. We’re enjoying a resurgence of activity at the top end in China.”
Wynn Resports’ CEO, Steve Wynn
Wynn Macau has seen such tremendous success by appealing to VIP players, who are slowly starting to make their way back to the world-class gambling destination. According to Bloomberg, high roller and VIP gambling generated a bigger increase in revenue this quarter than any other market in the industry.
Macau continues to recover
This is good news for the local gambling industry, too. Macau was once touted to be the next Las Vegas; however, a crackdown by the Chinese government on corruption halted growth.
Now, the region seems to be on the path to recovery, as March 2017 has seen its best growth in months, with profits jumping by 18%. Wynn’s new addition certainly has something to do with this, making for a mutually beneficially relationship between the two parties.
Macau shows signs of continuing growth, especially when compared to other gambling destinations around the world. Last year, the Chinese region generated $28.9 billion in gaming revenue whereas Las Vegas generated just $6.4 billion.
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