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Business: Wynn and Harrah's hurting in Q3
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All of Las Vegas has been hard hit by the current economy, and this week two of the town's major players revealed how dwindling tourism is affecting their bottom lines when they released their third quarter figures. Both Wynn Las Vegas and Harrah's Entertainment held press conferences announcing their third quarter numbers on Tuesday.
The good news on Wynn's end is that the company is still posting strong profits. While revenue in most sectors remained flat, there were small increases in non-casino and room revenues thanks to the addition of the new Encore property in Las Vegas. Wynn's Las Vegas revenues actually grew by 10.2% while their Macao revenues fell by 5.5%. Despite the continued profitability of their Las Vegas properties, Chief Executive Steve Wynn announced that he still considers Las Vegas' future “uncertain” and that the company's future investments will be focused on their Asian projects.
The numbers posted by Harrah's Entertainment were much grimmer. Thanks in large part to a $1.33 billion drop in the value of the company's existing assets, they posted a total Q3 loss of $1.6 billion. While the company acknowledged that downward trends in tourism and spending have affected their profits, they declined to release a breakdown of each sector's gains and losses saying only that occupancy was “more than 90%” and that room revenues were “lower.” Though Harrah's Entertainment is a private corporation, as the largest casino operator in the world, their bleak numbers will inevitably affect the value of other stocks in the gambling sector.
30-Oct-2009, 19:45
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