Wynn Macau Ltd: what happened to the company after the Steve Wynne left
Despite the significant overtraining that occurred in the Hong Kong Wynn Resorts company earlier this year, the net profit of the casino operator in the second quarter of 2018 increased by 56.2% to $ 160.3 million.
Wynn Macau Ltd reported that operating profit exceeded $1.6 billion for the second quarter of 2018, which is 12.5% higher compared to the previous year. The profit from the casino grew by 10.8% per annum, to $998.3 million, compared to the growth in the scale of the entire market by 17.2% over the same period.
The results of Wynn Macau Ltd were negatively affected by the low performance of the VIP sector in the Wynn Macau casino-hotel. Matt Maddox, executive director of the parent company and Wynn Macau Ltd, called this decline a short-term competition, as other casino operators have recently invested heavily in the development of this segment.
From April to June of this year, the first full quarter was held after the former chairman and CEO Steve Wine left company, due to allegations of sexual harassment. Wynn denied all charges, but resigned and sold his entire share of the company.
Reconstruction of the Kotay peninsula - the second stage
According to Maddox, the amount of investment in the restructuring of the Wynn Macau facility will be $100 million.
"With the help of these investments, we will update the hotel rooms of Encore for the first time after its opening. We will also build two new restaurants in the casino, increasing the trading area by 743 square meters, and in the near future we are planning a restructuring of the West Casino," - Maddox said.
The company continues to work on a proposal for the expansion of the Wynn Palace casino resort in Kotay, which is planned to be ready by the end of this year.
Maddox added that Wynn Macau was extremely encouraged by the adoption of the long-awaited bill on integrated casino resorts, which was held on July 20.
Earlier, the Wynn Resorts company has proclaimed itself as an applicant for one of the casino licenses in Japan, the first of which is expected to be issued by 2020.