US casino operator Wynn Resorts has reported a 20 per cent decrease in earnings for the quarter of the year, due primarily to an increase in operating costs.
Net revenues for the period totalled US$778.7m, compared to $635.3m in the first quarter of 2007, driven by a 61.4 per cent increase in revenues at its Wynn Macau resort.
Despite this, however, the company earned $46.7m compared with $58.4m in the year-ago period, after operating costs rose 30 per cent to $688.1m.
Commenting on the results, chairman and CEO Steve Wynn told investors that his company would weather the current economic slowdown.
"This is about the sixth time I’ve been through slowdowns in Las Vegas in my 40-year career," he said.
