Wynn’s profits down

     

    Wynn Macau Ltd. profit fell 18 percent in the fourth quarter loosing grown to the competition already operating in Cotai, Bloomberg reported following the concessionaire posted its results. Net income dropped to USD $196.8 million in the fourth quarter from $239.9 million a year earlier, according to a statement to the Hong Kong stock exchange earlier today. Revenue decreased 10 percent to $838.8 million. “Wynn Macau is lagging its peers, primarily due to its limited exposure to the mass market,” Lantis Li, a Hong Kong-based analyst at Capital Securities Corp. told Bloomberg. Wynn spent $57.1 million in the fourth quarter on its first Cotai resort, which it expects to cost between $3.5 billion and $4 billion, according to a statement from parent Wynn Resorts Ltd. (WYNN) yesterday. Wynn Macau adjusted property earnings before interest, taxes, depreciation and amortization declined 9.5 percent to $283.2 million, according to the statement. That compares with a median estimate of $287 million from a survey of five analysts by Bloomberg News.