Two Way Hard Three | Las Vegas Casino & Design Blog

I'm looking at the internals now. So far, it looks like Macau rocketed Wynn Resorts back into the black... But the Vegas numbers don't look too horrifying. They cut Las Vegas losses from $58.4 million in Q1 2009 to $34.5 million in Q1 2010. Room occupancy was at 89.4%, while the ADR was $203 and REVPAR was $181. Not too shabby.

Still, they really needed Macau to deliver and make up the difference... And so far, their Macau operations are exceeding even that!

Glad to see someone is beginning to peak their head out from under the water. Even happier that Las Vegas operations have picked up a little.

Posted by Dave

Definitely shows the strength of Macau right now. When the two top properties in town are still losing money, what does that say about the big picture for Vegas?

What suprises me is the VIP table turnover number of $20B in Macau. They must have junkets coming in with a dozen players each putting up $10M+. At some point the Chinese govt is going to start investigating where all this money is coming from and it might not be pretty.

I'm not sure how Wynncore can be losing money with 90% occupancy at $200/nght. That should more than cover operations and debt servicing.

And what is with paying a dividend that is greater than your profit?

parched-

"I'm not sure how Wynncore can be losing money with 90% occupancy at $200/nght. "

It's the $79 million property depreciation & amortization, and the $68 million budget for Encore Beach Club. Those were factored in.

parchedearth, the chinese govt already uses a "random seizure" method of taxation, making the wealthy keep income/assets as obscure as possible.

re D&A, its killing circus circus.

No mention of the fact that Boyd managed a profit in the first quarter?

I just experienced my first casino shill at Blackjack. Is this a common practice? Thanks

MGM's condo sales numbers are pretty interesting. 70 units actually closed at Vdara; of course there are another 600 still not closed. MO closings were about what I expected and they should do fine. No word on Veer, so I assume they haven't even started closings.

I wonder what value MGM currently places on the condos relative to their sale prices (especially since they continue to writedown the value).

Circus Circus only did $1.6M in cash flow, so the post-D&A number must be pretty grim. Being stuck in that slum is killing the House That Sarno Built.

CC is the heart of the slum. (near Riv, Sahara, & Slots)

CC is definately suffering due to a) area b) mid properites lowering rates. MGM seems to have left them on their own. I realize it is expensive, but at some point you would think they would have rolled them into the MGM playersclub family. It's like they don't want to be associated with it. Just milking the property for what it can get.

This doesn't really belong here, but this topic was the closest thing I could find. This story is filled with a lot of mis-leading info, which is bad for the industry. But its interesting, never the less.

http://www.cbsnews.com/video/watch/?id=6490384n&tag=related;photovideo