Wynn Resorts Ltd. said today it expected to report a steep decline in revenue from its China operations in the fourth quarter of 2015, though it would anticipate a stronger financial performance in Las Vegas.
The company released preliminary results indicating its fourth-quarter net revenue in Macau could plunge as much as 27 percent compared to the previous year.
In Las Vegas, the early results show revenue could rise as much as 4.8 percent over the same period.
Wynn Resorts cautioned in a statement that the figures were early and still subject to the completion and review of its financial statements. The company operates the Wynn and Encore properties in Las Vegas and Macau, and is expected to open another resort in Macau later this year.
Specifically, Wynn Resorts said its net revenue in Macau — a market that has reported 19 straight monthly gaming revenue declines — should be between $552 million and $560 million in the fourth quarter, compared to $761.2 million the year before. Operating income in Macau is expected to be between $75 million and $83 million, compared to $157.6 million in 2014.
In Las Vegas, meanwhile, Wynn Resorts anticipates reporting net revenue between $387 million and $395 million in the fourth quarter compared to $376.8 million a year earlier. The company expects its operating income there will be between $56 million and $64 million, compared to $51.6 million in 2014.
The stock market has reacted favorably to the news: shares of Wynn Resorts were up 9.65 percent to $56.47 this afternoon.