Marc D. Schorr
Actual was $111 million.
Stephen A. Wynn
And what was normalized last year?Marc D. Schorr $145 million. Stephen A. Wynn And this year, if you normalize it? Marc D. Schorr $174 million. Stephen A. Wynn $174 million. We actually have more business. So all of that is academic in a matter of speaking but, it does shed some light in understanding to the kind of shifts that can take place short-term in businesses that have this kind of high-end gambling. In terms of the rest of the business, it's about flat or slightly up in Las Vegas in terms of noncasino revenue. And so, if you normalize everything, we would have had a better result than we did. Last year, we had a premium result because we had abnormally high hold percentages. But our business levels this year in Las Vegas are slightly better than last year, except for hold percentage. In Macau, for the first 6 months, business was flat. We were slightly ahead. The market has gotten more competitive. Two new hotels opened up in the second quarter, operated by the Sands. And those 2 hotels added more games to the marketplace. And generally speaking, business was flat for the market, the high limit business and the VIP junket business and the total casino win. But we suffered on the top line, an adjustment of a couple of points on revenue, but we didn't seem to have the problem on the bottom line. As a matter of fact, the basic challenge in Macau, we have our share of the business, is to preserve margin, the bottom line. And that is of course, difficult when we have been able to hold the percentage we pay to junket operators, to 40% plus 3% or so for complementaries and our competitors are about 5 points ahead of us in terms of what they give the junket operators. Now ordinarily, that's not an unusual thing. That happens all the time in competitive markets. A hotel like Wynn or before Wynn, the Bellagio was always facing the challenges of hotel -- of other properties who to tried to buy the business away from us by increasing promotional allowances and other customer discounts of one form or another, or player benefits. Read the rest of this transcript for free on seekingalpha.com
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