In an effort to evaluate performance and as a follow up to our YouTube, we compare how the quarter measured up to previous management commentary and guidance.
OVERALL: WORSE - Not only did Wynn miss in Las Vegas and Macau but poor hold played a smaller role than we previously thought, collections were worse, and the LV convention business disappointed.
- RECEIVABLES
- WORSE: 1Q bad debt expense rose $8 million YoY (all in Macau) as a few large accounts went past 150 collection days. Collections in 2Q are 'very stable and normal.' Last quarter Wynn said bad debt reserve as a % of receivables would be flat and there was nothing alarming in terms of receivables.
- LV CONVENTION REVENUE
- WORSE: WYNN spoke previously that they see 1Q convention channel revenue being flat. 1Q REVPAR actually came in 4% lower YoY as it was hurt by lower occupancy and two fewer conventions.
- OKADA
- SAME: No new news
