Wynn Resorts’ Profits Fall 91 Percent in Second Quarter

Wynn Resorts Ltd. reported that second-quarter profits fell almost 91 percent in the second quarter to $25.5 million, or 21 cents per share, from $272 million, or $2.42 per share during the same period last year. Net revenues were $723.3 million, compared to $825.2 million last year.

For the quarter ended June 30, net casino revenues in Las Vegas were $124.3 million, compared to $120.7 million. Gross non-casino revenues were $231.9 million, a 9.4 percent increase from the second quarter of 2008, driven primarily by higher hotel and food and beverage revenues resulting from the opening of Encore.

Hotel revenues were up 12.9 percent to $81.5 million during the quarter, versus $72.1 million last year due to the addition of 2,034 suites at Encore. Las Vegas operations achieved an average daily rate of $218 for the quarter, compared to $302 in the 2008 quarter.

Occupancy was 86.6 percent, compared to 96.5 percent during the prior year period, generating revenue per available room of $188 in the 2009 period, 35.4 percent below the second quarter of 2008 of $292.