Wynn results show 94 percent net drop, Macau doubles revenue

By Kimberly Johans
Published in The Macau Daily Times
November 1, 2007, page 6 (455 words)

 

Third quarter results for Wynn Resorts Ltd showed a drop of 94 percent in net income, from $715.7 million or $6.43 per share to $44.7 million or $0.41 per share, mainly due to the completion of the sale of the company’s Macau sub-concession, which had boosted results last year.
In 2006, Wynn Resorts sold the rights to develop a casino in Macau for $900 million to Publishing & Broadcasting Ltd. and Melco International Development Ltd.
Wynn Las Vegas’ table games win percentage of 26.4 percent was higher than the expected range of 21 percent to 24 percent and exceeded the third quarter of 2006 results of 22.3 percent.
The company earned 67 cents per share compared with $0.01 per share in the third quarter of 2006, whereby analysts estimated earnings of 60 cents a share, based on the average of nine projections compiled by Bloomberg.
Wynn’s report showed an almost doubling of net revenues from $318.1 million in the third quarter of 2006, to $653.4 million for this quarter, which was driven by the opening of Wynn Macau as well as strong results from their Las Vegas arm.

Regional consultation seeks to review UN drug policies

By Kimberly Johans
Published in The Macau Daily Times
November 1, 2007, page 2 (967 words)

 

A regional consultation on drug control and prevention began yesterday at the Venetian Macao’s conference centre, with three objectives in mind.
The first was to highlight the achievements of non-governmental organisations (NGOs) since the 1998 United Nations General Assembly Special Session (UNGASS) that focused on the world drug problem.
The second was to propose new or improved methods of working between NGOs, the United nations Office on Drug and Crime (UNODC) and the Commission on Narcotic Drugs (CND).
Finally, to adopt principles to serve as a guide for CND and for future deliberations on drug policy issues.
Held over two days and finishing today, the consultation involved the regions of South East Asia, South Asia, East Asia and the Pacific and was set up by the Vienna NGO Committee on Narcotic Drugs, in collaboration with its sister NGO Committee in New York and the support of UNODC.
In his opening ceremony speech, Mr Ip Peng Kin, Director of the Macau Social Welfare Bureau said that Macau applied three UN drug-related conventions, as well as having “learnt and adopted…principles, strategies and guidelines from the CND and UNODC.”