Wynn Resorts newly opened Encore Boston Harbor Casino outperformed casino operator’s Las Vegas casino hotel during the third quarter of 2019.
The Encore casino generated about $10 million more in revenue than Wynn Resorts’ Las Vegas operations during the third quarter.
Wynn CEO Matt Maddox seemed impressed by the Encore casino’s performance.
“Our table games business in Boston and our hotel rooms business in Boston has been quite encouraging,” he said.
“We always knew slots would take time to ramp. If you think about it, when we opened our doors in our local (loyalty) database we had zero customers.
Fast forward 136 days and we have 250,000 people in our database, which is akin to growth. In order to compete in a high-frequency market where people are coming several times a month, a robust database is necessary because you need to message to the customers what you’re doing each week and why they need to come to the property. We are on the path to growth there and I think we have the right team in place.”
While the Encore Boston harbor Casino generated $114.9 million for three months to Sept. 30, the Vegas casino grossed only $87 million in casino revenues.
“If you think about Boston, we are at the beginning of the ramp, not the end,” said Maddox.
“So each quarter we are going to be tweaking our marketing and focusing on growing our database, working on controlling expenses, and growing revenues…each quarter. I am very excited about the transition we’ve gone through and the direction we are going into 2020…”