In the third quarter of 2015, net revenues from Macau operations were $585.1 million, a 37.9% decrease from the $942.3 million generated in the third quarter of 2014. At the same time, net revenues for Las Vegas operations were $411.2 million, a 3.9% decrease from $427.8 million in the same period from the previous year.
In Macau slot machine handle for the third quarter of 2015 declined 42.6% from the 2014 period to $824.6 million, and slot win decreased by 43.0% to $41.9 million.
Wynn also approved a cash dividend of $0.50 per common share, which will be payable on November 24, to stockholders of record on November 12.
The company is currently constructing Wynn Palace, an integrated resort containing a 1,700-room hotel, a performance lake, meeting space, a casino, a spa, retail offerings, and food-and-beverage outlets in the Cotai area of Macau. In July 2013, Wynn signed a $2.6 billion guaranteed maximum price (GMP) contract for the project’s construction costs. The total project budget, including construction costs, capitalized interest, pre-opening expenses, land costs and financing fees, is approximately $4.1 billion. The resort on Cotai is expected to open in the first half of 2016.
Separately, Wynn was awarded a gaming license to develop and construct an integrated resort in Everett, MA (outside of Boston). The resort will be located on a 33 acre site along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting space, a casino, a spa, retail offerings, and food-and-beverage outlets.
At the end of the quarter, cash, equivalents and investment securities totaled $2.1 billion.
Shares of Wynn closed Thursday up 1.9% at $73.76, with a consensus analyst price target of $94.47 and a 52-week trading range of $50.96 to $192.45. Following the release of the earnings report, shares were down 2.1% at $72.23 in the after-hours trading session.
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