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Wynn Macau posts HK$1.6b interim profit as city’s gaming revenue rebounds

Wynn Macau posts HK$1.6b interim profit as city’s gaming revenue rebounds

TAIPEI: Wynn Macau, a subsidiary of Wynn Resorts in Las Vegas controlled by gaming mogul Steve Wynn, saw its net profit reach HK$1.6 billion for the first half of 2017, compared to HK$1.1 billion a year ago, boosted by stronger casino revenues from mainland Chinese tourists.

With the ongoing anti-graft campaign of Chinese president Xi Jinping, as well as China’s tightening reins on capital outflows, casino operators in Macau experienced hard times from early 2015 to mid 2016, amid dropping mainland tourist numbers.

Things started to look up in the second half of 2016, with gambling revenues in Macau reaching 23 billion patacas (US$2.86 billion) in July that year, the highest since February 2014, according to Macau’s Gaming Inspection and Coordination Bureau.

“In the third quarter of 2016, both metrics began to improve, we have benefited from the rise in visitation to Macau during the first half of 2017,” Wynn Macau said in a statement.

There were 15.6 million tourist arrivals in the former Portuguese colony in the first half of this year, a 5.4 per cent rise over a year ago, according to the company.