Wynn reported excellent earnings from the first quarter of 2011 and while profits were up a lot there was something that stood out as a good example of why profits rose.
Room revenue in Las Vegas was up 13.4 percent to $88 million during the quarter. The average daily room rate at Wynn and Encore was up 18 percent to $240, but occupancy dipped to 87.9 percent from 89.4 percent during the year-over-year period.
So, while a few less people are staying at the hotel (-1.5%) the people staying at Wynn are paying more (13.4%). That’s not much of a decrease in occupancy and is a good example of why profits are increasing. It will be interesting to see if other casino companies show similar results.
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Las Vegas Writer, Marketer, Consultant. I love Vegas and everything about it. When in Vegas do 3 things: eat, drink & gamble.
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