Wynn Resorts is back, and so is Las Vegas. The casino operator is trouncing the competition with revenue that increased 12.5% and cash flow up 18% since last year. Wynn has the advantage of having more high-end casinos whereas the middle-brow players are faltering. Also, Macau, the Asian Vegas has been challenged of late with increased regulations and a host of other issues. Casino companies who invested huge in Macau are seeing a slowdown, where as Wynn, with enough exposure to Vegas to thrive, is seeing upside.
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While middle-income customers are tightening their belts, high end customers keep spending. Wynn Las Vegas appeals to these customers, as it shares with Encore the distinction of having the most five star awards than any casinos in the world. Las Vegas Sands, as its name suggests, has a large presence in Sin City, but Wynn is getting more for its smaller size. Wynn’s revenue from a single property exceeded that from several of MGM’s locations combined, and its EBITDA was greater than the 6 MGM casinos.
CEO Steve Wynn was instrumental and revitalizing the Las Vegas Strip in the 1990s. As a leading force in the casino industry, he has come a long ways since helping his father, Michael Weinberg, run bingo parlors in New Haven Connecticut.